updated 11:00 am EDT, Mon May 4, 2009
DirecTV and Liberty Merge
DirecTV this morning said it would merge with the eventual spinoff of Liberty Entertainment from Liberty Media. The deal is meant to simplify Liberty Media's own structure but puts the satellite TV provider together with TV channels themselves, including the Game Show Network and 3 local sports stations. Executives at DirecTV will keep their positions, though the move will still have Liberty Media founder John Malone and trusts have about a 24 percent stake in the new venture.
Liberty and DirecTV expect the merger to be completed by the end of the year.
The move comes shortly after Liberty Media bailed out Sirius XM in return for its own significant stake. It's not clear whether the spinoff will reduce Liberty Media's influence on the satellite radio provider.