John Malone to Resign as DirecTV Chairman

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.

• Read the full Reuters story.

• Read the full Wall Street Journal story.

For reprint and licensing requests for this article, CLICK HERE.