NEW YORK: Tycoon John Malone's large holding company Liberty Media announced Tuesday it had agreed to lead an investment for a 27.3 percent stake in cable operator Charter Communications for $2.6 billion.
The deal expands the footprint of Malone, who has wide-ranging investments in media and entertainment.
"We are pleased with Charter's market position and growth opportunities and believe that the company's investments in its high-capacity digital network which provides digital HD and on demand.
Television, high-speed data and voice, will benefit its customers and shareholders alike," said Malone, who is Liberty's chairman.
Liberty's investment in Charter, the number four US cable operator, comes with funds from financial firms Apollo Management, Oaktree Capital Management and Crestview Partners.
Liberty Media will have the right to designate up to four directors for appointment to the Charter board, and Malone is expected to be among them, a statement said.
Liberty Media subsidiaries include SiriusXM satellite radio and the Atlanta National League Baseball Club, and it holds stakes in firms including Live Nation Entertainment and Barnes & Noble.
Malone has separate interests in other media operations through other holding companies including Liberty Global. The cable channel Starz was spun off by Liberty Media earlier this year.
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