Liberty Media Corp. (Liberty) announced Dec. 22 a definitive agreement to exchange its 16.3 percent stake in News Corp. for News Corp.’s 38.5 percent stake in DirecTV Group Inc. along with $550 million in cash and control of regional sports networks in Denver, Pittsburgh, and Seattle.

DirecTV President and CEO Chase Carey is expected to remain in his role, and Liberty will appoint directors to replace board seats now held by News Corp. representatives.

The deal already has been approved by the boards of Liberty and News Corp. and is expected to close in mid-2007.