Murdoch Buys DirecTV

Capping a three-year effort to gain a foothold in the U.S. satellite TV market, Australian media mogul Rupert Murdoch has engineered the purchase of a majority share of the nation’s largest home satellite provider. Under the terms of the deal, Murdoch’s News Corp., which owns the Fox network and an extensive array of regional sports networks, will acquire 34% of DirecTV’s parent company. The deal is said to be worth $6.6 billion.