Dr. Malone & Family To Drop DIRECTV High-Vote Stock
DIRECTV will recapitalize the stock owned by Dr. John Malone, his family and trusts in order to comply with an FCC imposed condition "that dates back to the acquisition by Liberty Media Corp. of its interest in DIRECTV in February of 2008 from News Corp." The transaction will drop Dr. Malone's voting rights 24.3% to about 3% and will result in his resignation from the board. The exchange is for 21,809,863 shares of Class B common stock for 26,547,627 shares of Class A common stock.•
DIRECTV will recapitalize the stock owned by Dr. John Malone, his family and trusts in order to comply with an FCC imposed condition "that dates back to the acquisition by Liberty Media Corp. of its interest in DIRECTV in February of 2008 from News Corp." The transaction will drop Dr. Malone's voting rights 24.3% to about 3% and will result in his resignation from the board. The exchange is for 21,809,863 shares of Class B common stock for 26,547,627 shares of Class A common stock.•
