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MUMBAI:
News Corp has announced the completion of its previously announced
share exchange agreement with Liberty Media.
Under
the deal, Liberty is swapping its 16 per cent stake in News
Corp for a controlling 41 per cent stake in DirecTV, three
regional sports networks - FSN Northwest, FSN Pittsburgh and
FSN Rocky Mountain - and $625 million in cash.
With
the completion of the agreement, News Corp accomplishes an
approximately $10.1 billion stock buyback, which is the largest
in the its history.
Liberty
media chairman John Malone and Greg Maffei have been appointed
to the DirecTV Board, filling two of the three seats previously
held by News Corp representatives. Chase Carey will continue
to serve as DirecTV president and CEO.
Liberty
CEO Greg Maffei says, "This transaction is strategically
important, financially attractive, and will provide new focus
to Liberty Media. We have been impressed with Chase Carey
and his team and are thrilled to welcome them to the Liberty
family. We look forward to a partnership with DirecTV."
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