Cendant will also assist Liberty Media in creating, and will receive a participation in, a new venture that will seek to provide broadband video, voice and data content to Cendant hotels and their guests on a worldwide basis.  The two companies will also pursue opportunities within the cable industry to leverage Cendant�s direct marketing resources and capabilities.

In addition, Liberty Media has agreed to invest $400 million in cash to purchase 18 million shares of Cendant common stock and two-year warrants to purchase approximately 29 million shares of Cendant common stock at an exercise price of $23.00 per share. The transaction is subject to customary conditions, including expiration of the waiting period under the Hart-Scott- Rodino Antitrust Improvements Act, and is expected to close early in the first quarter of 2000. Cendant also announced that Liberty Media Chairman, John C. Malone, Ph.D., will join Cendant�s board of directors. The Company also announced that Dr. Malone has agreed to personally purchase one million shares of Cendant common stock.

Cendant�s Chairman, President and Chief Executive Officer, Henry R. Silverman, stated: �We are very pleased to welcome John Malone and Liberty Media as our new partners. John and his management team have an unrivaled record of success in identifying opportunities that result in excellent returns and increased shareholder value. We look forward to working closely with Liberty as we develop strategic opportunities in Internet space, provide additional services and content to the lodging industry and expand into the cable industry as an additional distribution channel.�

Liberty Media President and CEO, Robert Bennett stated, �Cendant�s group of assets is a terrific platform for developing new businesses. We are excited by the prospect of working with Cendant�s management to explore opportunities for combining the resources of Liberty�s affiliated companies and the Cendant businesses to create value for all of our shareholders.�

Statements about future results made in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 

Liberty Media holds interests in a broad range of video programming, communications, technology and Internet businesses in the United States, Europe, South America and Asia. Liberty Media�s principal assets include interests in StarzEncore Media Group, Discovery Communications, Inc., Time Warner, Inc., QVC, Inc., Liberty Digital, Inc., USA Networks, Inc., Telewest Communications plc, TV Guide, Inc., General Instrument Corporation, Sprint PCS Group and The News Corporation Limited. More information about Liberty Media and its affiliates is available on Liberty�s web site at http://www.libertymedia.com.

Cendant Corporation is a global provider of consumer and business services. The Company�s core competencies include building franchise systems, providing outsourcing solutions and direct marketing. As a franchisor, Cendant is among the world�s leading franchisors of hotels, rental car agencies, tax preparation services and real estate brokerage offices.