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Faber Report - Huge Buy Back For News Corp.

Friday, 22 Dec 2006 | 9:33 AM ET

It seems like the deals just keep coming. This morning News Corp and Liberty Media inked a deal and CNBC's David Faber had the details.

Rupert Murdoch and John Malone have reached an agreement under which News Corp will buy back $11 billion in stock in exchange for giving Liberty Media it's 38% stake in satellite broadcasting company Direct - TV. (This effectively gives Liberty Media Chairman John Malone control of Direct-TV)

There are also some regional sports networks included in the deal as well as $550 million in cash.

And David Faber is hearing there is an expectation there will be at least another $2-3 billion in buy backs coming from News Corp after this deal.

If you watch CNBC all the time.. you might remember, David Faber first reported that this deal was in the works, in September.

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  • Carl Quintanilla is an Emmy-winning reporter and co-anchor of CNBC's "Squawk on the Street," broadcast live from the NYSE.

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