News Corp. Shareholders Approve Poison Pill Defense

NEW YORK, October 23: News Corporation’s shareholders have
voted in favor of a “poison pill” strategy, intended to block Liberty Media’s
efforts to up its stake in the company.

News Corp.’s chairman and CEO, Rupert Murdoch, instituted
the strategy last year in a bid to keep John Malone’s Liberty Media at bay.
Malone has been attempting to increase his current 19-percent voting interest
in News Corp. The poison pill defense mandates that Malone would require board
approval in order to up his interest until October 2008.

The deal currently being discussed between the two companies
would see Murdoch relinquishing News Corp.’s interest in DIRECTV in exchange
for Malone’s shares. Murdoch said to reporters after the AGM: “If Liberty is to
be believed, we are on track for a pretty quick resolution.”