US cable TV and interactive services group Liberty Media is currently closeted with News Corporation as they haggle over the possible acquisition of the latter's international TV and program production properties.

Liberty chairman John Malone called the discussions "fairly active". They center around the exchange of NewsCorp shares held by Liberty in return for operational resources.

"There are certain small assets that we feel fit Liberty better than News Corp." explained Malone. "We could exchange small amounts of our News Corp shares back for these assets."

The current discussions follow Liberty's upping of its stake in NewsCorp earlier this year to17% -- over nine percent of the voting rights and trailing only the Murdoch family's holding.

Lips were zipped as to the identity of these desirable NewsCorp properties, but a little bird is chirruping the names of the National Geographic and FX channels.

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