n case it wasn’t already clear, News Corp. Chief Executive Rupert Murdoch wants to remake his media empire for the Internet era. The latest evidence: He’s ready to get rid of News Corp.’s stake in the DirecTV satellite business, Bussinessweek reports.
Big media companies are reconsidering the need for distribution systems, since consumers don’t even need a TV to watch TV programs anymore. Anyone with a computer and a broadband connection can download full-length videos onto personal computers and even handheld devices such as Apple’s (AAPL) iPod.
Murdoch is in talks to sell News Corp.’s 38% stake in DirecTV to Liberty Media (LINTA), which is controlled by fellow billionaire media mogul John Malone, according to a person familiar with the matter. In return, Malone would sell his 19% stake in the voting shares of News Corp., letting Murdoch’s company buy back the shares, that person said. News Corp. and Liberty declined to comment.
