Liberty Regains Control of UGC


Liberty Media Corp. has taken full control of UnitedGlobalCom Inc., AP reported.

The Monday deal -- under which UGC’s founders swapped their UGC shares for some $153 million in Liberty stock -- gave Liberty more than 53% of UGC’s stock.

Liberty had both economic and voting control of UCG until its recent agreement to issue 178 million shares to buy out its UGC Europe subsidiary, AP reported. That dropped Liberty's stake below 50%, although it still had voting control.

As part of the agreement, UGC chairman Gene Schneider retains that title but cedes the chief executive post to president Michael Fries.

UGC has more than 9 million customers for cable, voice and data services, AP said.