News Corp. Shareholders Approve Liberty Deal
By: Reuters
Shareholders of News Corp. approved a plan to swap its stake in DirecTV and $550 million cash for Liberty Media's estimated $11 billion stake in the company, solidifying Rupert Murdoch's control over the company he built.
Shareholders representing 99.76% of outstanding shares voted to approve the deal, which ended a two-year battle with Liberty Media
Liberty quietly snapped up close to a 20% voting stake in News Corp. in 2004, a move that spooked Murdoch, who enacted an emergency poison pill to block a feared hostile takeover.
The deal transfers News Corp.'s controlling stake in the top U.S. satellite television provider DirecTV Group and marks Murdoch's exit from the U.S. satellite market.
Shareholders of News Corp. approved a plan to swap its stake in DirecTV and $550 million cash for Liberty Media's estimated $11 billion stake in the company, solidifying Rupert Murdoch's control over the company he built.
