Liberty Media gets DirecTV as News Corp deal completed
0 Comments | AFP, February, 2008
NEW YORK, Feb 27, 2008 (AFP) — Liberty Media, the holding company of tycoon John Malone, completed a deal Wednesday that takes control of satellite broadcaster DirecTV from Rupert Murdoch's News Corp.
The two companies said in separate statements that they had completed an exchange of Liberty's 16.3 percent stake in News Corp. for a 41 percent controlling stake in DirecTV.
Liberty will also get 625 million dollars in cash for ceding the stake and two regional US sports networks.
Liberty chairman Malone and chief executive Greg Maffei have been appointed to the DirecTV board, filling two of the three seats previously held by News Corp. representatives.
"This transaction is strategically important, financially attractive, and will provide new focus to...
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