Malone Wants Say at Time Warner

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Liberty Media Corp. said Wednesday morning that it asked the Federal Trade Commission to give it the right to convert its nonvoting stake in Time Warner Inc. to voting shares "on an accelerated basis."

John Malone’s Liberty owns 4% of Time Warner stock -- a $2 billion stake.

The move follows Time Warner’s settlement with Carl Icahn Friday and its expanded $20 billion share-repurchase program.

Liberty said it was "pleased with the steps," and it looks forward to "additional actions." Liberty wants the FTC to change an order it issued in 1997, when Malone still controlled Tele-Communications Inc.

Liberty asked the FTC to allow it to buy more shares in Barry Diller’s InterActiveCorp and Expedia Inc. (www.expedia.com).

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