News Corp., Liberty Outline $11B Asset Swap

NEWS CORP, LIBERTY OUTLINE $11 BILLION ASSET SWAP
[SOURCE: Broadcasting&Cable 12/22, AUTHOR: John Eggerton]
News Corp. and Liberty Media have released the details of their planned asset swap. Under terms of the deal, Liberty will give up its $11 billion (16.3%) stake in News Corp. in exchange for that company's ownership stake (38.4%) of satellite TV company DirecTV. That puts cable pioneer and Liberty chief John Malone in the business of trying to grab eyeballs away from the wired world. It also keeps News Corp. Chairman Rupert Murdoch from looking over his shoulder to make sure Malone wasn't trying to take over his company. Liberty also gets three regional sports networks ((FSN Northwest, FSN Pittsburgh and FSN Rocky Mountain)) and $550 million in cash. Shareholders still have to vote to approve the deal, but if they do, and it passes various regulatory reviews, it is expected to close by the second half of 2007.
http://www.broadcastingcable.com/article/CA6402330.html?display=Breaking+News

See also:
* Space Cowboy
After acquiring DirecTV from News Corp., Malone's Liberty Media has new distribution muscle.
http://www.broadcastingcable.com/article/CA6403293.html?display=Feature