You will be redirected back to your article in seconds

Rupe nears Liberty deal

News Corp. close to buyback of stake

Rupert Murdoch said Wednesday he is closing in on a deal to buy back Liberty Media’s stake in News Corp., which would drop its poison pill once the situation is settled.

Speaking to shareholders at the company’s former headquarters in Adelaide, Australia, Murdoch said an agreement with Liberty’s John Malone is “very likely.” The deal is widely expected to be a swap of News Corp.’s stake in satellite provider DirecTV for Malone’s 19% stake in News Corp.

The Liberty Media chief’s incursion several years ago — while News Corp. was shifting headquarters to the U.S. from Australia — caught Murdoch off guard. News Corp.’s board quickly adopted a so-called poison pill provision that makes a hostile takeover prohibitively expensive.

News Corp. shareholders narrowly approved an extension of the pill at the company’s annual meeting in New York last month.

“It’s now in place effectively from a month ago for the next three years,” Murdoch said. “I would say that if we settle the Liberty situation it’s very likely we’ll probably just drop it.”

More Scene

  • Oprah Celebrates 'Wisdom of Sundays' With

    Oprah Winfrey Celebrates New Book 'Wisdom of Sundays' With Star-Studded Gospel Brunch

    Rupert Murdoch said Wednesday he is closing in on a deal to buy back Liberty Media’s stake in News Corp., which would drop its poison pill once the situation is settled. Speaking to shareholders at the company’s former headquarters in Adelaide, Australia, Murdoch said an agreement with Liberty’s John Malone is “very likely.” The deal […]

  • Goldie Hawn, Diane Sawyer and Melanie

    James Corden Doesn't Hold Back on Weinstein Jokes at Star-Studded AmfAR Gala L.A.

    Rupert Murdoch said Wednesday he is closing in on a deal to buy back Liberty Media’s stake in News Corp., which would drop its poison pill once the situation is settled. Speaking to shareholders at the company’s former headquarters in Adelaide, Australia, Murdoch said an agreement with Liberty’s John Malone is “very likely.” The deal […]

  • Andy Serkis Student Academy Awards

    Student Academy Awards Honors Winners From New York to China

    Rupert Murdoch said Wednesday he is closing in on a deal to buy back Liberty Media’s stake in News Corp., which would drop its poison pill once the situation is settled. Speaking to shareholders at the company’s former headquarters in Adelaide, Australia, Murdoch said an agreement with Liberty’s John Malone is “very likely.” The deal […]

  • 'Same Kind of Different as Me'

    'Same Kind of Different as Me' Stars: It's a Turning Point for Women in Hollywood

    Rupert Murdoch said Wednesday he is closing in on a deal to buy back Liberty Media’s stake in News Corp., which would drop its poison pill once the situation is settled. Speaking to shareholders at the company’s former headquarters in Adelaide, Australia, Murdoch said an agreement with Liberty’s John Malone is “very likely.” The deal […]

  • CoachArt Gala of Champions

    ICM's Chris Silbermann and Ted Chervin Feted by CoachArt Gala of Champions

    Rupert Murdoch said Wednesday he is closing in on a deal to buy back Liberty Media’s stake in News Corp., which would drop its poison pill once the situation is settled. Speaking to shareholders at the company’s former headquarters in Adelaide, Australia, Murdoch said an agreement with Liberty’s John Malone is “very likely.” The deal […]

More From Our Brands

Access exclusive content