With DIRECTV/Liberty Deal Done, Malone Becomes Chairman
On Wednesday, News Corp. and Liberty Media announced that they closed their transaction, in which Liberty will obtain a controlling stake in DIRECTV, three regional sports networks and $625 million in cash from the media giant.
In exchange, Liberty handed over its interest in News Corp. The deal was finished after the Federal Communications Commission and Justice Department approved Liberty Media's takeover of the controlling stake in DIRECTV earlier in the week.
As part of the move, changes were made within DIRECTV's board of directors.
News Corp. Chairman Rupert Murdoch and News Corp. executives David DeVoe and Peter Chernin resigned from DIRECTV's board. Liberty Media Chairman John Malone and President and CEO Greg Maffei were appointed to fill two of the three vacancies on the board.
Also, Malone was elected chairman of the Board of DIRECTV.
As for other parts of the deal, the regional sports networks Liberty will obtain are FSN Northwest, FSN Pittsburgh and FSN Rocky Mountain. Also, with completion of the agreement, News Corp. said it accomplished a $10.1 billion stock buyback, the largest buyback in the company's history.