News and Liberty complete DirectTV deal

News Corp has confirmed the completion of an approximate $11 billion deal that gives Liberty Media control of the DirecTV satellite television business. As part of the deal, Liberty has agreed to exchange the 16 per cent stake it had built up in News Corp for the company's 41 per cent holding of DirecTV, three regional cable networks and $625 million in cash.

John Malone will become chairman of DirecTV.