Liberty silent on News Corp buy

John Malone's Liberty Media Corp declined to comment on a newspaper report that it had boosted its stake in Rupert Murdoch's News Corp to 17.2 per cent of the voting shares.

The Australian Financial Review reported yesterday that Malone exercised a A$1.48 billion option with Merrill Lynch & Co to swap News Corp non-voting stock into voting shares on Friday, increasing its stake from 9.2 per cent.

"I have no comment to make whatsoever," said Michael Erickson, a spokesman for Liberty.

Under an agreement announced last month, Liberty had an option to buy 84.7 million News Corp voting shares from Merrill by April. Friday's swap means that any additional acquisition of News Corp shares by Malone could trigger a News Corp rights offer aimed at defending the business from a possible takeover bid, the AFR said.

The Murdoch family owns 29.5 per cent of News Corp.

News Corp's non-voting shares gained 2.4 per cent to US$18.65 on Friday in New York, with 399 million shares changing hands, and voting shares rose 1.1 per cent to US$18.83.

* Murdoch's purchase of a new home in New York - at the highest price ever paid for a Manhattan residence - will see the property move from one dynasty to another.

The previous owner was the late Laurance S. Rockefeller, a grandson of John D. Rockefeller.

Murdoch paid US$44 million ($61.5 million) for the 745sq m apartment.

- BLOOMBERG, REUTERS