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DirecTV announced Thursday it has consummated the previously announced transaction with John Malone to recapitalize the DirecTV stock held by him, his wife and two trusts for the benefit of his children.
Under the terms of the agreement, the Malones exchanged 21.8 million shares of Class B common stock for 26.5 million shares of Class A common stock, resulting in the reduction of the Malones’ voting interest to about 3 percent.
As part of the transaction, Malone resigned as chairman and he, Paul Gould and Greg Maffei resigned from the board of directors.
