The family of the late Bob Magness will exchange their 96 million Liberty Media Corp. series-B common shares for 105 million shares of Liberty series-A stock, the company announced Monday.
The Magness parties involved in the transaction include estates and other persons or entities related to the late founder of Liberty’s former parent company, Tele-Communications Inc., and members of his family.
Liberty chairman John Malone -- who has the right to vote on all series-B shares controlled by the Magness group -- will see his voting power in Liberty fall from about 43% to approximately 28% as a result of the deal.
Malone will own around 90% of Liberty’s series-B shares after the transaction is concluded, which is expected within one week.
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