Talks to unwind Liberty Media’s contentious acquisition of an 18% stake in News Corp. are going nowhere, Liberty Chairman John Malone told reporters at Allen & Co.’s conference in Sun Valley, Idaho.
According to Reuters, Malone said: "It's not entirely clear that any change in the relationship is necessary or really wanted by anybody."
That’s a big change from earlier this year, when Malone was trying to coax News Corp. Chairman Rupert Murdoch into buying out the stake along with parts of Liberty’s media portfolio.
Until last fall, Liberty had a passive 9% stake in News Corp., the legacy of old sales of sports networks and an interactive programming-guide company. Then Malone secured control over more stock, a move that Murdoch saw as threatening his control over the company.