Share Exchange Agreement (2006)Full Document 

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                            SHARE EXCHANGE AGREEMENT

                                 by and between

                                NEWS CORPORATION

                                      and

                           LIBERTY MEDIA CORPORATION


                         ------------------------------

                            As of December 22, 2006

                         ------------------------------





                               TABLE OF CONTENTS

                                                                           Page


ARTICLE I. CERTAIN DEFINITIONS AND OTHER MATTERS.............................2

   Section 1.1.      Certain Definitions.....................................2

   Section 1.2.      Terms Defined in Other Sections........................14

ARTICLE II. INTERPRETATION..................................................15

   Section 2.1.      Interpretation.........................................15

ARTICLE III. EXCHANGE OF STOCK; CLOSING.....................................15

   Section 3.1.      Exchange of Stock......................................15

   Section 3.2.      Closing................................................16

   Section 3.3.      Parent's Deliveries at the Closing.....................16

   Section 3.4.      LMC's Deliveries at the Closing........................17

   Section 3.5.      Performance............................................17

   Section 3.6.      Adjustment to Number and Type of Securities............18

   Section 3.7.      Parent Restructuring and Related Matters...............18

   Section 3.8.      Estimated Net Working Capital Adjustment...............18

   Section 3.9.      Final Net Working Capital Adjustment...................19

ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF PARENT........................21

   Section 4.1.      Organization and Standing..............................21

   Section 4.2.      Capitalization.........................................21

   Section 4.3.      Corporate Power and Authority..........................23

   Section 4.4.      Shareholder Votes Required.............................24

   Section 4.5.      Conflicts; Consents and Approvals......................24

   Section 4.6.      Operations of the Transferred Business.................25

                                       i


   Section 4.7.      Compliance with Law....................................25

   Section 4.8.      Intellectual Property..................................26

   Section 4.9.      Absence of Splitco Operations; Splitco Assets
                       and Liabilities......................................27

   Section 4.10.     Environmental Matters..................................27

   Section 4.11.     Litigation.............................................28

   Section 4.12.     Employee Benefit Plans.................................28

   Section 4.13.     Contracts..............................................30

   Section 4.14.     Labor Matters..........................................32

   Section 4.15.     RSN Subsidiaries Financial Statements..................33

   Section 4.16.     Permits................................................34

   Section 4.17.     Real Estate............................................34

   Section 4.18.     Guarantees.............................................35

   Section 4.19.     Title to DTV Shares....................................35

   Section 4.20.     Certain Tax Matters....................................35

   Section 4.21.     Affiliate Transactions.................................37

   Section 4.22.     Brokers or Finders.....................................37

   Section 4.23.     Investigation; Reliance................................37

ARTICLE V. REPRESENTATIONS AND WARRANTIES OF LMC............................38

   Section 5.1.      Organization and Standing..............................38

   Section 5.2.      Corporate Power and Authority..........................38

   Section 5.3.      No Vote Required.......................................39


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