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John Malone Buys $75M Worth of Discovery Stock

Cable mogul John Malone bought $75 million worth of Discovery stock, according to a filing with the Securities and Exchange Commission.

Malone, a director and 10% owner of Discovery, purchased $2.67 million Class C shares at $28.03 on Nov. 14, bringing his stake to almost 12.2 million shares.

Discovery stock jumped 12% after it reported earnings on Nov. 7 and closed at $29.72 on Friday.

“Investors tend to watch Malone's moves with great interest and will no doubt take this as a sign of great confidence into 2020,” said analyst Steven Cahall of Wells Fargo. 

Malone has been selling stock in some of his other investments, including Lionsgate and Expedia.

Malone also made a zero-cost collar deal that involved possibly selling 3.6 million Discovery shares depending on their price in 2027.