Liberty Media Corporation buys out 78.3 million shares of DirecTV Group Inc

The Liberty Media Corporation, an American media conglomerate, has increased its stake in DirecTV Group Inc to 48%, thus making further steps in getting the majority control of the company.

Liberty Media has acquired 78.3 million shares - nearly $2 billion of direct broadcast-satellite-television company’s stock.

Last year Liberty Media was in the process of considering asset swaps with News Corp. and Time Warner that would give it control of DirecTV and the Atlanta Braves baseball team. On February 12, 2007, the deal was completed with Time Warner wherein Liberty would receive the Atlanta Braves, a group of craft magazines and $1 billion in cash in exchange for 60 million shares of Time Warner stock (valued at $1.27 billion as of market close on February 12, 2007). The deal was approved by Major League Baseball on May 15, 2007.


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