EXHIBIT 99.1
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 News Corporation | | |
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NEWS RELEASE |
| For Immediate Release | | Contacts - Investor Relations: Reed Nolte 212-852-7092 Press: Jack Horner 646-386-6215 |
News Corporation Completes Exchange Agreement with Liberty Media Corporation
Largest Buyback in Company’s History
NEW YORK, NY, February 27, 2008 –News Corporation today announced the completion of its previously announced share exchange agreement with Liberty Media Corporation.
Under the terms of the agreement, approved by the Company’s Class B common stockholders on April 3, 2007, Liberty exchanged its entire approximately 16 percent interest in the Company’s common stock (324.6 million Class A and 188 million Class B shares) for 100% of a News Corporation subsidiary, whose holdings consist of the Company’s entire 41 percent stake (470.4 million shares) in The DIRECTV Group, Inc.; three Regional Sports Networks (FSN Northwest, FSN Pittsburgh and FSN Rocky Mountain); and approximately $625 million in cash.
With the completion of the agreement, News Corporation accomplishes an approximately $10.1 billion stock buyback, the largest buyback in the Company’s history.
News Corporation (NYSE: NWS, NWS.A; ASX: NWS, NWSLV) had total assets as of December 31, 2007 of approximately US$69 billion and total annual revenues of approximately US$31 billion. News Corporation is a diversified entertainment company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast satellite television; magazines and inserts; newspapers and information services; book publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and the Pacific Basin.
1211 AVENUE OF THE AMERICAS · NEW YORK, NEW YORK 10036 · newscorp.com
