* To eliminate high-vote stock through recapitalization transaction
* Says exhange for 26,547,627 shares of class a common stock
* Says Malones will exchange 21,809,863 shares of class b common stock of the
company
* Says reduction of the Malones' voting interest in DIRECTV from approximately
24.3% to approximately 3%
* Expects actions will satisfy FCC condition and enable it to resume control
and retain ownership of unit in Puerto Rico
* Says Greg Maffei, chief executive officer of Liberty Media Corporation and
paul gould to resign from DIRECTV board
* Says Malone will also resign from the board of directors of DIRECTV
* Connection with transaction between Liberty Media News Corp. DIRECTV received
a capital contribution of $160 million.
* Believes consummation of transaction will sever all attributable interests in
satisfaction of requirements of FCC order
* Malones' class b stock to be canceled resulting in single class of common
stock, class a outstanding
* Anticipate that the transaction will be completed within the next several
months
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