DirecTV (DTV) after the close Tuesday said it reached an agreement with investor John Malone to restructure his family’s holdings in the satellite TV company.
Under terms of the deal, the Malones will exchange their 21,809,863 Class B shares – all of the shares in the class – for 26,547,627 Class A shares. By giving up the Class B shares, which have 15 votes each, the Malones cut their voting interest to 3% from 24.3%. As part of the deal, Malone will resign from the DirecTV board. Also leaving the DTV board:Liberty Media CEO Greg Maffei and Liberty Global director Paul Gould.
DirecTV says the transaction is intended to satisfy a condition imposed by the FCC when Liberty Media acquired the News Corp. stake in DTV in February 2008.
DTV in late trading fell 83 cents, or 2.4%, to $33.91.
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