Liberty Media Completes DIRECTV Acquisition

ENGLEWOOD, February 28:
Liberty Media Corporation has completed the exchange of its 16.3-percent stake
in News Corporation for a 41-percent stake in The DIRECTV Group as well as
regional sports networks in Denver, Pittsburgh and Seattle and $465 million in
cash.

John Malone and Greg
Maffei have been appointed to the DIRECTV Board, filling two of the three seats
previously held by News Corp. representatives. Chase Carey will continue to
serve as DIRECTV's president and CEO. The completion of the transaction follows
it receiving regulatory approval from the FCC earlier in the week.

"This transaction is
strategically important, financially attractive and will provide new focus to
Liberty Media," said Liberty CEO’s, Greg Maffei. "We've been
impressed with Chase Carey and his team and are thrilled to welcome them to the
Liberty family. We look forward to a partnership with DIRECTV."

—By Mansha Daswani