News Corp is planning a $11 billion deal to buy back US media giant John Malone's 16.3% stake in the company.The deal also includes Malone's Liberty Media taking News Corp's stake in the US satellite broadcaster DirecTV, three regional sports networks and $550 million of cash.
Though the buyback still needs the approval of the other shareholders, it will strengthen Murdoch and his family's 30% stake in the company. If approved the deal is expected to be completed in the second half of 2007.
When Malone took 19% of News Corp voting shares three years ago, the company moved to prevent him building his stake any further.
It is thought Murdoch eventually wishes to hand the running of News Corp to one of his sons, most likely James Murdoch, who is currently chief executive of BSkyB, which is 39% owned by News Corp.
No comments:
Post a Comment