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Malone no longer major voting holder at DirecTV?

Discussion in 'DIRECTV General Discussion' started by Greg Bimson, Nov 4, 2009.

  1. Greg Bimson

    Greg Bimson Hall Of Fame

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    Saw a thread at Satelliteguys where Malone may have traded out of DirecTV, becoming a minority shareholder. I think the article was in Business Week.

    Will link to article next chance I get.

    Now we know why it has taken so long to get a CEO. The board of directors was too busy fighting Malone.
     
  2. say-what

    say-what Active Member

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    Dec 14, 2006
    New Orleans
    http://www.businessweek.com/innovate/FineOnMedia/archives/2009/11/john_malone_dea.html
    Sometimes even a wheeler-dealer like John Malone outsmarts himself. That’s seems to be the situation at DirectTV. (DTV), where the razor sharp media baron seems to have dealt himself out of installing his own choice as CEO of the satellite TV giant despite once owning 57% of the company’s stock. Instead, he controls 24% of the company’s votes, but seems to have been bottled up by a very independent DirecTV board.

    Those are the details that are emerging from a recent SEC filing by DirecTV. The satellite company clearly wanted to stop Malone, who buys and sells companies faster than most people change socks, from exerting too much control over the company. So in what has to have been a wing ding of negotiations, the DirecTV board swapped the DirecTV stake that Malone’s Liberty Media (LMDIA) once held for shares in DirecTV that Liberty will distribute to its shareholders. In addition, DirecTV took a $2 billion loan off Liberty’s hands that it used to buy those shares in the first place, but took Liberty’s 65% stake in the Game Show network and three Fox Sports regional networks. Malone got super-voting shares that are capped at 24% of the company’s voting shares.....
     
  3. bwaldron

    bwaldron Impossible Dreamer

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    Oct 24, 2005
    Cheers for the Board!
     

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