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News Corp. will take full control of Fox Entertainment Group with a $5.86 billion deal.

The deal will give News Corp. possession of Fox Network, 20th Century Fox film studios, Fox News Channel and its 34 percent interest in DirecTV.

"Since the reincorporating of News Corp. in the U.S., the logic for Fox no longer exists," stated News Corp. CFO, David DeVoe. "We really took Fox public as a way to drive value into the stock."

"The operational benefits are limited," he went on to say.

News Corp. moved its headquarters to New York from Sydney in November, after said considering buying Fox, in October.

A bloomberg article says,

"The purchase leaves some questions unanswered. John Malone's Liberty Media Corp. in December boosted its ownership of News Corp. voting shares to 18 percent by exercising an option to swap non-voting stock for voting shares. The transaction will be completed by mid-January, Liberty said then.

Murdoch's family owns 29.5 percent of the voting shares. News Corp. on Nov. 8 adopted a plan to protect against a hostile bid. Malone said Nov. 12 that his plan to acquire more voting shares was ``entirely friendly'' and that he supports Murdoch."

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