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DirecTV, the largest U.S. satellite-television provider, said chairman John Malone will cut his voting stake in the company and leave the board, responding to regulatory concerns over his media ownership.
Class B shares held by Ma lone, his wife and two family trusts will be exchanged for Class A shares, reducing his voting stake to about 3 percent from more than 24 percent, DirecTV said Tuesday in a statement.
Shrinking his voting stake will help Malone, also chairman of Douglas County-based Liberty Media LLC, respond to concerns that he has too much power in Puerto Rico, where Liberty and DirecTV operate TV businesses.
