News Corp.'s Sweet Liberty

Now that Malone has surrendered his voting rights, News Corp. said it plans to eliminate the poison pill once the agreement is completed.

For his part, Malone's new DirecTV stake catapults him to a high-profile spot in the media industry. In a statement, he said: "We are extremely pleased with the successful, tax-efficient conversion of our News holding. Our investment in DirecTV will create financial, operating and strategic flexibility."

For Murdoch, it was a small price to pay.

"The main beneficiary in all this is Rupert Murdoch," says Baker. "He's gotten rid of the one challenge for his family's continued control of News Corp."

Shares of News Corp. recently were up 4 cents, or 0.2%, to $22.56.