Liberty-News Corp Close DirecTV-Stock Swap

Finally, after years of wrangling over a deal and more than a year after the $11 billion-or-so deal was struck, John Malone and Rupert Murdoch have erased the ties that bind. Murdoch maintains his hold on News Corp with Malone’s 16.3 percent of the company’s shares moving back in house, while Malone’s Liberty Media (NSDQ: LINTA) gains a subsidiary that holds 41 percent of the DirecTV Group (NYSE: DTV), regional sports nets in Denver, Cleveland and Seattle, and $465 million in cash. Malone and Liberty CEO Greg Maffei will replace two NWS directors on the DirecTV board; as planned, Chase Carey stays on as president and CEO. Liberty release.