Tags: john malone | discovery | stock

John Malone Buys $75 Million in Discovery Stock

John Malone Buys $75 Million in Discovery Stock
(AP)

By    |   Tuesday, 19 November 2019 09:28 AM

Billionaire cable mogul John Malone reportedly has acquired more stock of Discovery in what is believed to be his largest or one of his largest open-market purchases of the stock ever.

A regulatory filing Monday showed that the media mogul on Thursday bought 2.67 million shares of Discovery Class C stock for $28.03, or around $75 million overall, boosting his direct ownership of Class C stock to more than 10.3 million shares, the Hollywood Reporter said.

Including stock held by his spouse and a trust, Malone has nearly 12.2 million Discovery shares, the Hollywood Reporter said.

Malone was already the company’s single-largest individual shareholder who holds super-voting shares that give him influence in the company. He also has a seat on the board of directors, Vareity reported. In June 2018, Malone bought $33 million in Discovery stock, Variety said.

Discovery shares have been moving sideways over the past year or more as investors ponder its long-term strategy, Deadline.com explained. 

Shares of Discover (DISCA) opened nearly 1% higher Tuesday at about $31.

"While the company controls a powerhouse set of cable TV networks, some of which came aboard via the company’s acquisition of Food Network parent Scripps Networks Interactive in 2018, the pay-TV universe is shrinking. The number of pay-TV homes in the U.S. is declining by more than 3% a year," Deadline reported.

"He has a better track record than Warren Buffett, so anytime he is buying more of something, it is a good sign for the outlook and the stock," Pivotal Research Group analyst Jeff Wlodarczak told the Hollywood Reporter.

Since an Oct. 3 regulatory filing showed that Malone had sold his remaining voting stock in Lionsgate, Wall Street observers have been wondering where the renowned dealmaker would put his money next, the Hollywood Reporter said.

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Billionaire investor and media mogul John Malone reportedly has acquired more stock of Discovery in what is believed to be his largest or one of his largest open-market purchases of the stock ever.
john malone, discovery, stock
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2019-28-19
Tuesday, 19 November 2019 09:28 AM
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