Cable veteran John Malone will resign from the board of DirecTV and reduce his voting stake in the satellite provider to 3 percent from 24.3 percent, the company said on Tuesday.
Malone will exchange about 21.8 million Class B common stock -- which confers 15 votes a share -- for 26.5 million Class A shares.
The transaction is expected to satisfy a Federal Communications Commission condition dating back to the acquisition of DirecTV by Malone's Liberty Media from News Corp. in 2008.
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