News Corp. Shareholders Approve Liberty Deal
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.