Liberty Media ends super-voting stock, diluting Malone's power.

Liberty Media Corporation has acquired all shares of its super-voting Series B common stock held by founder John Malone, in a move that cuts his voting power from 48% to 3%.

The transaction came after Malone received unsolicited offers from third parties for his stake, according to the company.

Malone, who founded Liberty Media in 1999, will step down from his role as chairman emeritus but remain a senior advisor.

A special committee of the Liberty Media board, chaired by Chase Carey, explored and approved the transaction.

"The transaction better aligns John's voting power with his economic ownership of Liberty Media while avoiding the potential transfer of a significant voting position in Liberty Media to a third party in a transaction in which other Liberty Media shareholders would not participate," Carey said in a statement.

Liberty Media CEO Derek Chang declined to give details about the offers when asked on an earnings call with analysts.

"I continue to have great confidence in Liberty Media's management team and fully support them and Liberty Media's strategy," Malone said in a statement.

"The Transaction allows me to increase my economic ownership of Liberty Media while distributing voting power more broadly among Liberty Media's other shareholders," Malone added.

Board chair Robert Bennett said the move simplifies Liberty's capital structure.

"And will give us flexibility as we enter our next chapter," Bennett said.

"We look forward to continuing to benefit from John's counsel for years to come."

No holder of Liberty Media common stock now holds more than 9% of voting power.

Liberty Media's investments have shifted over the years, with Formula 1 and MotoGP as its main assets currently.

The company also authorized a rights plan through November 2027 to "promote stability" after the transaction.

The rights plan makes it harder for any person or group to acquire a significant voting position or obtain control of the company without board involvement.

Liberty Media specifically laid out the benefits of the transaction in its announcement.

It will "reduce the ability of the Malone Holders or successors thereof to exercise significant influence over matters submitted to Liberty Media's shareholders for a vote," the company said.

It will also "eliminate the risk that the Malone Holders' significant voting power could be transferred to a third party in a transaction in which other Liberty Media shareholders do not participate."

And it will "potentially broaden the institutional investor base in Liberty Media's shares."

Shares of Liberty Media Corporation — Liberty Formula One Series C (NASDAQ: FWONK) hit a new 52-week high during trading on Thursday, November 5, 2026.

The stock traded as high as $108.35 and last traded at $105.63, with a volume of 1,240,893 shares traded.

The stock had previously closed at $98.93.

Analysts have given the stock an average rating of "Moderate Buy" with six Buy and four Hold ratings, according to MarketBeat.

The average price target among analysts is $115.50.

Liberty Media's market capitalization stands at $23.77 billion.

The company has a PE ratio of 155.28 and a beta of 0.46.

The stock's 50-day moving average is $94.40 and its 200-day moving average is $92.01.

Liberty Media last reported quarterly earnings on Thursday, August 6, 2026.

The company reported earnings per share of $0.02, missing the consensus estimate of $0.24 by $0.22.

Revenue for the quarter was $934 million, compared to analysts' expectations of $952.78 million.

Several brokerages have recently issued reports on FWONK.

Zacks Research lowered the stock from a "strong-buy" to a "hold" rating on October 29, 2026.

Sanford C. Bernstein raised its price target from $115 to $119 and gave the stock an "outperform" rating on July 28, 2026.

UBS Group increased its price target from $104 to $110 and gave a "neutral" rating on August 7, 2026.

Wells Fargo & Company cut its price target from $105 to $96 and set an "equal weight" rating on September 29, 2026.