News Corp. chairman Rupert Murdoch said Wednesday today that Liberty Media Corp. would not sell the News Corp. shares it will acquire Thursday as part of a pre-existing deal.
In March, News Corp. awarded Liberty the right to buy more of its preferred limited-voting ordinary American Depository Receipts at $21.50 each in order to raise cash for its bid to acquire direct-broadcast satellite operator DirecTV Inc..
Liberty exercised its right to buy $500 million worth of the ADRs.
"[Liberty] can sell them whenever they like, they've got no votes," Murdoch said at News Corp.’s annual meeting. "They've said they're not going to sell them, they'd like more. They believe we are the most underpriced media stock in the world at the moment, and they'll tell you so publicly."