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Liberty Ups IDT Stake

12/21/2004 5:02 AM Eastern

Liberty Media Corp. will exchange all of its direct and indirect interests in Net2Phone Inc. for 3,754,480 newly issued shares of IDT Corp. class-B common stock, the companies announced Tuesday.

At the close of this transaction, IDT will own 41.2% of the equity of Net2Phone and have voting control, and Liberty will own 17.2% of IDT.

"The share exchange simplifies Liberty Media's ownership interests in IDT and Net2Phone," Liberty senior vice president Mark Carleton said in a prepared statement. "Liberty Media remains committed to working with Net2Phone through IDT as both companies continue to deploy advanced communications services around the world."

IDT CEO Jim Courter added, “With this one transaction, IDT brings itself closer both to Net2Phone, the company it created nearly a decade ago and the leader of the voice-over-Internet-protocol revolution, and to Liberty Media, a great strategic partner.”

September