Rupert Murdoch’s News Corp announced Wednesday the completion of a roughly $11bn deal that gives Liberty Media control of the DirecTV satellite television business. The transaction, approved by News Corp shareholders last April, allowed Murdoch to maintain his grip on the media conglomerate amidst a challenge from Liberty and John Malone, its chairman. As part of the deal, Liberty agreed to exchange the 16% stake it had built up in News Corp for the company’s 41% holding of DirecTV, three regional cable networks and $625m in cash.
