News Corp. Closes In on DirecTV Acquisition

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News Corp. Ltd., the international media conglomerate, is reportedly close to a deal to take control of DirecTV.

General Motors, the parent company of DirecTV owner Hughes Electronics Corp., and News Corp. have scripted a deal in which Sky Global Networks, News Corp.'s digital business, would merge with Hughes, according to Reuters.

Under terms of the arrangement, News Corp. would take a 35 percent stake in the newly combined company. Rupert Murdoch, CEO of News Corp., would eventually head all operations at the merged entity and would become the company's largest shareholder.

Microsoft is looking to place a stake in the expected company with a $4 billion investment, making the software giant a significant minority investor in the venture. John Malone, chairman of Liberty Media, is also expected to invest an undisclosed amount in the venture.

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