Malone, Murdoch Reach Deal

NEW YORK, December 7: The New York Times today reported that
Rupert Murdoch and John Malone have reached a tentative agreement, which could
be finalized as early as next week, to swap Liberty Media’s stake in News
Corporation with News Corp.’s stake in satellite platform DIRECTV.

Murdoch and Malone have been in discussions for close to two
years, since Malone upped his voting stake in News Corporation. The tentative
agreement would see Liberty Media selling its 19.1 percent voting stake and 15
percent nonvoting interest back to the company in exchange for a 39 percent
controlling interest in DIRECTV alongside three regional sports networks and
about $550 million in cash. The deal is expected to be signed and announced
within the next two weeks.