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SYDNEY - Rupert Murdoch's News Corp today said it was in discussions with Liberty Media Corporation about the purchase of stock held by Liberty in News.
"No agreement has been concluded as yet," News Corp said today.
Liberty Media's John Malone, who has a 19 per cent stake in News Corp, is believed to have been in talks with News Corp chairman and chief executive Mr Murdoch over a deal to swap controlling interest in DirecTV Group Inc for his US$11 ($16) billion News Corp holding.
Media reports in the US this week said that the two have reached a private agreement, and could make it public as soon as next week.
If completed, the deal secures Mr Murdoch's control over the media company.
Liberty ramped up its stake in 2004 and the pair have been in negotiations ever since after Mr Malone's company became the second-largest shareholder.
In October, Mr Murdoch successfully extending his "poison pill" takeover defence strategy for another three years.
Under the plan, large share buys by an unwanted predator would be diluted, making a takeover prohibitively expensive.
It is designed to stop Mr Malone from launching a takeover play.
- AAP
