News Corp. Shareholders Accept Liberty Deal

NEW YORK, April 4: News Corporation’s shareholders have
approved the company’s $11-billion asset-swap agreement with Liberty Media.

The deal, announced in December, sees Liberty Media
exchanging its 16.3-percent interest in News Corporation for 38.5 percent of
the DIRECTV Group, regional sports networks in Denver, Pittsburgh and Seattle
and $588 million in cash. The deal translates into the Murdoch family now
owning 38 percent of News Corp., up from 31 percent, and accomplishes an
$11-billion stock buyback.

According to wire reports, the agreement was approved by
99.8 percent of the company’s Class B shareholders. The deal is still awaiting
regulatory approval and is expected to be completed by the middle of the year.