Liberty Media (NSDQ: LINTA), which recently traded its stake in News Corp (NYSE: NWS). for 41 percent of DirecTV (NYSE: DTV) has bought an additional 78.3 million shares of the satelite operator, bringing its stake to 48 percent. Of course, because it's Liberty, the purchase is anything but straightforward. As the company explains it: "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." Glad they cleared that up. The stake will be attributed to the company's Liberty Entertainment tracking stock. Release.
By Joseph Weisenthal