Liberty Swapping News Corp. Shares

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Liberty Media Corp. said Wednesday that it has entered into a total-return-swap transaction with Merrill Lynch International involving 84.7 million News Corp. class-B common-stock shares.

The swap is scheduled to terminate in April, at which point Liberty will be obligated to pay to Merrill an amount equal to any decline in the fair-market value of the swap shares and Merrill will be obligated to pay to Liberty an amount equal to any increase in the fair-market value of those shares.

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