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Liberty Media Corp. is in talks to acquire News Corp.’s stake in DirecTV in exchange for its $11 billion stake in News Corp.

Liberty Media, controlled by John Malone, has held on-again, off-again discussions for two years about exchanging its 18% stake in News Corp. News Corp. owns 39% of DirecTV, the largest U.S. satellite-television operator, and Rupert Murdoch has long sought to avoid any company having a larger voting interest than his, which stands at 30%.

Liberty Chief Executive Officer Greg Maffei confirmed that his company has held talks with News Corp. about swapping assets, noting “One of the appeals of DirecTV is there’s a lot of financial flexibility.”