Liberty Gains Flexibility With DIRECTV Ownership Swap

摘要

Liberty Media's 12/22 purchase of News Corp.'s 38.6% interest in DIRECTV, which values the satcaster at $22.08 per share—a 12% discount to its 12/21 close of $25—gives Liberty the flexibility to extract further value from the new asset while regaining media distribution muscle it lost when cable unit TCI was sold to AT&T in 1999.