News Corp. shareholders have approved the $11 billion asset swap between media moguls Rupert Murdoch and John Malone involving DirecTV Group Inc., the New York media company announced Tuesday.
Murdoch’s News Corp. is swapping its 38.4 percent stake in the El Segundo-based satellite TV broadcaster for the 16 percent stake that Malone’s Liberty Media Corp. has in News Corp. News Corp also is paying Liberty Media $588 million in cash.
The deal raises Murdoch family’s stake in News Corp. to 38 percent from 31 percent, with the deal expected to close sometime in the middle of this year.
Shares in DirecTV were up 37 cents, or 1.5 percent, to $23.30 in afternoon trading Tuesday on the New York Stock Exchange.
