Liberty Ent., DirecTV Group merger approved

New company formed by transaction will be called DirecTV

NEW YORK -- Shareholders of Liberty Entertainment and DirecTV on Thursday approved the split-off of the Liberty Media business and its merger with satellite TV giant DirecTV Group, which Liberty Media has also controlled.

The new company formed by the transaction, set to close tonight, will be called DirecTV.

Liberty Media also intends to complete the redesignation of the Liberty Entertainment stock as Liberty Starz stock.

Meanwhile, Liberty Media and DirecTV chairman John Malone told Dow Jones Newswires that he expects designated DirecTV CEO Michael White to use his experience in international business at PepsiCo in his new position. He said he expects White to expand the satellite firm's presence in Latin America and potentially make acquisitions elsewhere.