Global marketsUpdated November 5

John Malone gives up control of Liberty Media.

Liberty says discussions began after Malone received unsolicited offers from third parties for his stake. But the reported change is a swap with Liberty itself: Deadline says the company acquired all the Series B supervoting shares he held in exchange for shares with low or no voting power. The Information reports that his voting stake is falling from 48% to 3%. So the control shift isn't an outside buyer taking the wheel; it comes from trading away the shares that carried the extra votes.

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Coverage started November 5