Liberty Media Corporation is taking over control of DirecTV from News Corporation after the two companies announced plans to exchange Liberty's 16.3 percent stake in News Corp., for News' Corp.'s 38.5 percent stake in DirecTV Group, Inc., as well as regional sports networks in Denver, Pittsburgh, and Seattle, and cash.
"We are happy to become the largest shareholder in the world's largest satellite television provider," says Liberty President and CEO Greg Maffei. "[W]e look forward to the strategic benefits of them joining the Liberty family."
The move makes Liberty the largest shareholder in DirecTV, and amounts to an $11 billion stock buy back by News Corp.
A joint press release announcing the transaction says it is expected that current DirecTV President and CEO Chase Carey will continue to serve as the satellite provider's President and CEO, and Liberty will appoint directors to fill the board seats currently held by News Corp. representatives.
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