Malone Denies He's Fox Hunting

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Liberty Media Corp. chairman John Malone Friday denied any hostile designs in his accumulation of a 17% voting stake in Rupert Murdoch's News Corp., parent of Fox Broadcasting Co., among many other things.

“Our intentions of increasing our voting stake over there are entirely friendly to News Corp and its management,” Malone told investors during a conference call to discuss earnings of Liberty Media International, which he also runs.

But Malone did not specify exactly why he’s going through very complicated gymnastics to amass such a large stake. News Corp. enacted a "poison pill" takeover defense in the wake of Malone's latest stock purchases.

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