Malone Explains News Corp. Move

From Bloomberg News

Liberty Media Corp. Chairman John Malone said his company’s plans to raise its voting stake in News Corp. were “entirely friendly.”

News Corp. adopted an anti-takeover defense Monday after Liberty announced a swap transaction last week that would allow it to buy $1.5 billion in News Corp. stock.

Malone said he didn’t tell News Corp. Chairman Rupert Murdoch beforehand because he believed that would have violated securities laws.