WASHINGTON—Cable television pioneer John Malone will pay a $1.4 million penalty, after authorities said he broke government rules on reporting major stock purchases over a three-year period.
The Justice Department today announced the settlement with the chairman of Englewood, Colo.-based Liberty Media Corp. for his acquisition of shares of Discovery Holding Co.
Authorities say Malone failed to abide by antitrust pre-merger notification rules before acquiring shares of Discovery in 2005, and kept acquiring Discovery voting securities through April 2008.
The law requires notification and a waiting period on individuals and companies over a certain size before they complete acquisitions resulting in holding stock or assets above a certain value.
