Liberty Media Completes DirecTV Buyout
Swaps Stake In News Corp. For DirecTV Control, 3 RSNs And Cash
By Kent Gibbons -- Multichannel News, 2/28/2008 1:30:00 AM
John Malone’s Liberty Media said it’s completed its swap of 16.3% of News Corp. for control of satellite-TV provider DirecTV, three regional sports networks and $465 million in cash.
The Liberty deal obtained Federal Communications Commission approval last week, including a few conditions.
The release said Malone and Liberty CEO Greg Maffei joined DirecTV’s board of directors, taking two of three seats that were held by News Corp. representatives.
Chase Carey stays on as DirecTV CEO, Liberty said in a release that came out Wednesday evening, ahead of DirecTV’s scheduled investor day in New York City today.
"This transaction is strategically important, financially attractive, and will provide new focus to Liberty Media," Maffei said in the release. "We've 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."
The previously announced reclassification of Liberty Capital Tracking stock is expected to be completed in the next three to five business days and the new Liberty Entertainment and Liberty Capital tracking stocks will commence trading early next week, the company said.
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