Rupert Murdoch and John C. Malone, who have wrangled for two years over Mr. Malone’s challenge to Mr. Murdoch’s control of the News Corporation, have made peace, the New York Times reports.

It was almost two years ago that Mr. Murdoch was stunned to learn that Mr. Malone, his friend and sometimes business partner, had bought a big voting stake in the News Corporation, a stake that could threaten Mr. Murdoch’s grip on the colossus he built over five decades.

The two men privately struck a deal this week that would have Mr. Malone take one of Mr. Murdoch’s once-prized assets , the DirecTV satellite service , plus other goodies in exchange for going away by selling his $11 billion stake in the News Corporation back to the company.

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