DirecTV will be merged into a new company incorporating Liberty Media's regional sports networks and Game Show Network -- while Starz Entertainment and other businesses under John Malone's Liberty Entertainment unit will spin off into a separate company called Liberty Starz -- under the terms of a deal announced Monday.
"We view this as a defining transaction for DirecTV," said DirecTV CEO president and CEO Chase Carey on a call with investors.
Under the terms of the deal, John Malone, his wife and associated trusts will hold shares of DirecTV Class B common stock entitling them to approximately 24% of DirecTV's total voting power.
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