Arrangements have transpired resulting in satellite television company DirecTV Group Inc. merging with John Malone's Liberty Entertainment, resulting in a simplification of DirecTV's ownership and setting the stage for future deals. The opinions of both executives and analysts is that the tax-free agreement will make it easier for DirecTV to pursue options including a sale, acquisitions and forging closer ties with phone or satellite companies.

"This gives us the flexibility to make opportunistic decisions cleanly and clearly in a rapidly changing world," said Chase Carey, chief executive officer of DirecTV Group.

As part of the deal, Malone's Liberty Media Corp. holding company will combine the 54 percent stake of DirecTV owned by subsidiary Liberty Entertainment with the rest of publicly traded DirecTV and Malone will no longer control the new entity that includes several other Liberty Entertainment assets.

No money will change hands under the deal, but by transferring Liberty Entertainment's shares of DirecTV into the combined entity, Malone will have a smaller holding but in a company that Liberty hopes will garner a higher market value. DirecTV currently has a market value of more than $24 billion. Opinions of both executives and analysts is that the tax-free agreement will make it easier for DirecTV to pursue options including a sale, acquisitions and forging closer ties with phone or satellite companies.