To satisfy that, last year DirecTV put its Puerto Rico holdings in a trust managed by an independent trustee. But, DirecTV said after the market closed Tuesday, the FCC recently told the company that wasn’t enough. The result: Dr. Malone is leaving the DirecTV board and the stock held by a trust for him and his family—the entire high-value Class B—is being converted into Class A, reducing his voting interest to about 3 percent from 24.3 percent. Liberty CEO Greg Maffei also is expected to leave the DirecTV board, as will Paul Gould, who sits on the Liberty Global board. None of this is happening today; It’s still subject to FCC approval; the resignations will take place when the transaction closes. A DirecTV spokesman told me: “We’re optimistic that the necessary approvals will be obtained sometime this summer.”

SEE ALSO: SEC Watch: New DirecTV CEO Could Make $35.5 Million (And Then Some)

DirecTV says it expects the moves to satisfy the FCC: “DirecTV believes that the consummation of the transaction announced today will sever all attributable interests in satisfaction of the requirements of the FCC order. DirecTV expects that their actions will satisfy the FCC condition and enable DIRECTV to resume control and retain ownership of its subsidiary in Puerto Rico. The transaction will also permit DirecTV to simplify its capital structure by eliminating the two-class structure which was put in place in connection with the transactions with Liberty Media and the Malones which were completed in November 2009.”

Meanwhile, hard to not imagine Rupert Murdoch laughing just a little. Maybe more. What does it all mean for DirecTV, now being run by new CEO Mike White, a Pepsico vet recognized for deal-making skills? Independence, for now—and renewed speculation about a sale. AT&T (NYSE: T) calling?