Mergers & Acquisitions ·
Liberty Media acquires 2.3M high-vote Series B shares from Malone for 602K A and 5.4M C shares
FWONALiberty Media Corp
Liberty Media Corporation acquired approximately 2.3 million shares of its high-vote Series B common stock from John C. Malone and related entities in exchange for 602,302 shares of Series A common stock and 5,420,699 shares of Series C common stock. The transaction reduces the Malone Holders' aggregate voting power to approximately 3% and eliminates the risk of transferring significant control to a third party. Concurrently, Liberty Media adopted a rights plan (poison pill) declaring one preferred share purchase right for each outstanding share of Series A, B, and C common stock, exercisable at $426 per ten-thousandth of a share upon a 10% acquisition threshold. Dr. Malone stepped down as Chairman Emeritus to become Senior Advisor, and Board Chairman Robert R. Bennett received accelerated vesting and new option grants totaling 660,000 shares. Liberty Media operates and owns interests in media, sports and entertainment businesses including Formula 1 and MotoGP.