Liberty Media Swaps Out John Malone's Super-Voting Shares
John Malone's voting power in Liberty Media has fallen from 48% to 3%. Deadline reported on 5 November 2026 that the company had acquired all of the super-voting Series B common stock held by the company's founder, in exchange for shares with low or no votes.
Super-voting shares carry more votes per share than ordinary stock. That lets a small group of holders control big decisions, even when they own a minority of the company. Once those shares changed hands, the balance of power moved sharply. Deadline reported that no holder of Liberty Media common stock now holds more than 9% of the voting power.
Liberty Media announced the purchase on 5 November 2026. The company said it had acquired high-vote Series B common stock from entities related to Malone. Liberty Media is the owner of Formula One, and its shares are traded on the US market.
Before the deal, Malone had received a number of unsolicited offers from third parties for his Series B stake. Bloomberg reported that a special committee, a group of directors set up to weigh a deal involving a major insider, was formed to consider and approve the acquisition. Liberty Media's annual filing for 2025 also describes an existing arrangement between the company and Malone, or the JM Trust, for exchanges of Series B shares. Malone is the sole trustee and beneficiary of that trust.
Malone will step down as chairman emeritus, an honorary title, and stay on as a senior adviser. Deadline reported that Liberty Media has also authorised a rights plan running through November 2027. A rights plan, often called a poison pill, makes it costly for any one investor to build a large stake without the board's approval. The company said the plan is meant to promote stability after the transaction.
For the people who follow the company's businesses, the headline change is about who holds the reins. Shareholders who hold ordinary shares now sit much closer to Malone's former position in terms of votes. The rights plan and the new structure will be the things to watch in the months ahead, as the company's filings and any board decisions will show how control is run from here.
