Liberty in Talks for Magness’ Shares - Multichannel

Liberty in Talks for Magness’ Shares

Author:
Publish date:

Liberty Media Corp. said Tuesday that it is negotiating with the heirs of cable pioneer Bob Magness to buy out the family's stake in the company, Reuters reported.

The company said the talks -- which involve exchanging 96 million class-B shares of Liberty for cash and class-A stock -- are "preliminary."

Class-B shares of Liberty are entitled to 10 votes each versus one apiece for class-A shares.

Should the deal occur, Liberty chairman John Malone’s voting stake would be reduced to 28% from 42% currently.

Related