NewsCorp Investors Approve Liberty Media Deal

05 April 2007

NEW YORK: News Corporation shareholders have given the thumbs-up to a deal that will swap the company's controlling stake in US satellite TV provider DirecTV and $588 million (€439.9m; £297.5m) cash for Liberty Media's estimated $11 billion holding in NewsCorp [WARC News: 26-Dec-06].

Tense negotiations between the Murdoch family, which controls the media conglomerate, and Liberty chairman John Malone dragged on for many months after he amassed a near 20% voting stake in NewsCorp just over two years ago.

His move resulted in a contentious 'poison pill' defence devised by the Murdoch clan to prevent further predation [WARC News: 12-Nov-04].

Data sourced from Financial Times online; additional content by WARC staff