DirecTV Chairman Malone to Cut Voting Stake, Resign From Board

DirecTV, the largest US satellite-television provider, said Chairman John Malone will cut his voting stake in the company and leave the board, responding to regulatory concerns over his media ownership. Class B shares held by Malone, his wife and two family trusts will be exchanged for Class A shares, cutting his votes to about 3 percent from more than 24 percent. Reducing his votes will help Malone, who is also chairman of Liberty Media LLC, respond to concerns that he has too much power in Puerto Rico, where both Liberty and DirecTV operate TV businesses. The Federal Communications Commission had called on Malone to sever the Puerto Rico connections after Liberty bought an interest in DirecTV from News Corp. in 2008.