Liberty Media Corp. has asked the Federal Trade Commission to amend its holdings of Time Warner Inc. stock so that it can lend the shares out to other financial institutions, the agency said Friday.
Liberty owns about 171.2 million Time Warner nonvoting shares that cannot be transferred to another holder. According to the FTC, Liberty “would like to lend some of its Time Warner stock to a financial institution to earn fees that will offset costs it is incurring elsewhere.”
However, in order to do that, Liberty’s special non-voting stock would have to be converted to regular Time Warner voting stock. The FTC said it would take public comments on the request until Oct. 4, after which it will make its decision.