Liberty Media Reduces John Malone Voting Power to 3 Percent

Liberty Media reduced the voting power of entities related to billionaire John Malone from approximately 48 percent to about 3 percent. The company acquired all high-vote Series B common shares held by Malone in exchange for low-vote Series A and non-voting Series C common stock.

This transaction followed unsolicited third-party offers for the Series B shares. By executing the exchange, the company prevents the transfer of Malone's significant voting power to outside parties. Malone stated that the transaction allows him to increase his economic ownership of the company while distributing voting power more broadly among other shareholders.

As part of the restructuring, Malone stepped down as chairman emeritus but will continue to serve as a senior adviser. Liberty Media also adopted a shareholder rights plan to ensure no single entity can accumulate significant voting power without a board review. Following the announcement, company shares rose 9 percent, and no single shareholder now holds more than 9 percent of the company's voting power.