Liberty Media converts Malone’s high-vote shares to low-vote, non-voting stock
Liberty Media acquired about 2.3 million Series B shares from entities related to John C. Malone in exchange for Series A and Series C shares. The holders’ voting power fell from about 48% to 3%, and Liberty adopted a rights plan expiring November 3, 2027, unless ended earlier.
1. Share exchange
Liberty Media acquired approximately 2.3 million high-vote Series B common shares from entities related to John C. Malone. For each Series B share, holders received 0.26 Series A low-vote shares and 2.34 Series C non-voting shares.
2. Voting power and rights plan
The holders’ voting power fell from approximately 48% to 3%; no shareholder holds more than 9%, based on shares outstanding on October 30, 2026. The exchange premium represented approximately 1.5% of equity market capitalization as of that date. A newly adopted rights plan limits potential control acquisitions and expires November 3, 2027, unless redeemed, exchanged or terminated earlier.
