Â鶹app Media Completes Acquisition of Largest Stake in DIRECTV
Â鶹app's stake in News exchanged for 41% of DIRECTV, Three Regional Sports Networks, and Cash
ENGLEWOOD, Colo., Feb. 27 /PRNewswire-FirstCall/ -- Â鶹app Media Corporation (Nasdaq: LINTA, LCAPA) ("Â鶹app") announced today 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. (Nasdaq: DTV) ("DIRECTV"), 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 Â鶹app Media," said Â鶹app CEO Greg Maffei. "We've been impressed with Chase Carey and his team and are thrilled to welcome them to the Â鶹app family. We look forward to a partnership with DIRECTV."
The previously announced reclassification of Â鶹app Capital Tracking stock is expected to be completed in the next three to five business days and the new Â鶹app Entertainment and Â鶹app Capital tracking stocks will commence trading early next week.
About Â鶹app
Â鶹app owns a broad range of electronic retailing, media, communications and entertainment businesses and investments. Those interests are attributed to two tracking stock groups: the Â鶹app Interactive group, which includes Â鶹app's interests in QVC, Provide Commerce, IAC/InterActiveCorp, and Expedia, and the Â鶹app Capital group which includes Â鶹app's interests in DirecTV, Starz Entertainment, Time Warner and Sprint. For more information, please see .
About DIRECTV
The DIRECTV Group, Inc. (Nasdaq: DTV) is a world-leading provider of digital television entertainment services. Through its subsidiaries and affiliated companies in the United States, Brazil, Mexico and other countries in Latin America, DIRECTV provides digital television service to more than 16.8 million customers in the United States and over 4.8 million in Latin America.
SOURCE Â鶹app
Released February 27, 2008