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Liberty Media's News Corp-for-DirecTV swap is done


DirecTV subscribers, that tingling feeling is Liberty Media completing its swap of News Corp. shares for a piece of your satellite TV provider, three regional sports networks and $550 $465 million in cash. After approval from the FCC came through last week all that is left is the still-pending approval of the Justice Department that no anti-trust rules have been broken, but otherwise the deal is done. The only real downside to report is that anyone outside the 150 largest TV markets in the U.S. shouldn't expect local TV service via satellite, cuz DirecTV has no plans to provide it. Take heart though, as the space should enable it to squeeze another national HD broadcast or ten in there, feeling better yet?

Update: The Justice Department has signed off on the transaction (thanks HdNutcase!) so nothing stands in the way of Liberty Media's world domination...and by world domination we mean partial ownership of DirecTV.

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