ENGLEWOOD, Colo., April 3, 2008 /PRNewswire-FirstCall/ -- Liberty Media Corporation ("Liberty") announced the purchase of 78.3 million DIRECTV common shares in a private transaction increasing Liberty's ownership to approximately 48%. To fund the purchase Liberty borrowed $1.98 billion against a newly executed equity collar on 110 million DIRECTV common shares. The equity collar is a series of puts and calls with maturities ranging up to 4.4 years."These transactions reaffirm our belief in DIRECTV, the quality of its service, and the performance of Chase Carey and his management team," said Greg Maffei, Liberty's President and CEO. "The additional shares and equity collar each increase our exposure to DIRECTV's equity and further align Liberty's interests with those of the DIRECTV shareholders."
The purchases, collars and loan were executed through a wholly-owned subsidiary of Liberty and attributed to the Liberty Entertainment tracking stock group (Nasdaq: LMDIA/B).
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