Liberty Media cuts John Malone’s voting power to 3%

Liberty Media reduced the voting power of entities connected to billionaire John Malone to approximately 3% from roughly 48%, the Formula 1 owner said on Thursday.

Shares of Liberty Media (NASDAQ:FWONA) rose 9% following the announcement.

The company acquired all high-vote Series B common shares held by entities known as the Malone Holders. In exchange, it issued shares of its low-vote Series A and non-voting Series C common stock.

The transaction came after third parties made unsolicited offers for the Series B shares, Liberty Media said.

The Malone Holders had owned about 2.3 million Series B shares, representing approximately 97% of the outstanding shares of that class.

Cable TV pioneer Malone will step down from his chairman emeritus role but will remain as a senior adviser, the company said.