ENGLEWOOD, Colo. (AP) — Liberty Media says it will buy an about 27 percent stake in Charter Communications for about $2.62 billion.
The Englewood, Colo.-based holding company controlled by billionaire John Malone says it reached a deal with a group of investment funds to buy about 26.9 million shares and about 1.1 million warrants in the Stamford, Conn.-based cable TV provider.
Liberty paid $95.50 per share, which represents an about 3 percent discount to the company's Monday closing stock price. The deal is expected to close in the first half of the second quarter of 2013.
As part of the deal, Malone, Liberty President and CEO Gregory Maffei and two additional Liberty nominees will be named to Charter's board. Four current members of the board will resign.