Liberty Media completes acquisition of largest stake in DIRECTV.
February 3, 2008
Liberty Media Corporation announced that it has completed the exchange of its 16.3% stake in News Corporation for a subsidiary of News that holds a 41% stake in The DIRECTV Group, Inc., regional sports networks in Denver, Pittsburgh, and Seattle, and $465 million of cash.
John Malone and Greg Maffei have been appointed to the DIRECTV Board, filling two of the three seats previously held by News representatives. Chase Carey will continue to serve as DIRECTV’s President and CEO.
“This transaction is strategically important, financially attractive, and will provide new focus to Liberty Media,” said Liberty CEO Greg Maffei. “We’ve been impressed with Chase Carey and his team and are thrilled to welcome them to the Liberty family. We look forward to a partnership with DIRECTV.”
