Media entrepreneur and cable pioneer John Malone, the chairman of Liberty Media, who was already the single largest shareholder in Discovery, just increased his stake in the company. Variety reports that Malone purchased $75 million in Discovery Inc. stock on the open market.
“Malone picked up just under 2.7 million shares in Discovery at $28.03 on Nov. 14, according to a Securities and Exchange Commission filing,” Variety reports, noting that Malone holds super-voting shares in Discovery and has a seat on the board of directors.
“News of Malone’s purchase gave a lift to Discovery shares in early trading Monday,” Variety notes. “The stock took a dive in July well below $30. But shares soared 12% on Nov. 7 after Discovery released its third-quarter earnings and has hovered around $30 ever since.”
Malone reportedly bought $33 million in Discovery stock in June 2018.