News Corp. Chairman Rupert Murdoch told investors that he is nearing a deal to buy back Liberty Media Chairman John Malone’s 19 percent stake in News Corp., in exchange for News Corp.’s 38 percent stake in satellite TV provider DirecTV.

Analysts value Englewood, Colo.-based Liberty’s News Corp. holdings at $16 billion while Murdoch’s DirecTV holding is worth about $7.4 billion. Murdoch said that he will inject additional cash or stock to even out the trade, which will be structured to be a tax-free swap.

Malone’s stake in the New York media mogul’s company is large enough to rival Murdoch’s own 30 percent interest and prodded Murdoch to adopt a “poison pill” anti-takeover defense two years ago, a strategy he’ll no longer need if this deal goes through.

Earlier this month, DirecTV reported nearly a three-fold jump in third quarter profit when compared year over year, while News Corp. beat Wall Street estimates when it released earnings earlier this month.

In early trading Thursday, shares in El Segundo-based DirecTV were up 9 cents to $21.68, while shares in News Corp. were up 2 cents to $22.22.