Billionaire media mogul John C. Malone has retired from the board of directors of Charter Communications Inc. but will continue to serve at the Stamford-based company as a director emeritus. In that role, Malone will attend board meetings and provide support and advice to the company but will not have a vote on matters presented to its board.
Malone’s announcement comes about a week after the 77-year-old mogul announced his departure from the board of Lions Gate Entertainment Corp., whose film output includes the “Hunger Games” and “Twilight” series.
Charter’s directors elected Malone’s chosen replacement, Sirius XM Holdings Inc. CEO James E. Meyer, to replace him on the board.
“I am retiring from the board of Charter to reduce my travel and focus on fewer board positions,” Malone remarked. “I remain heavily invested in Charter, both financially and emotionally, and am excited about its prospects.”
Malone’s Liberty Media acquired a 27.3 percent ownership interest in Charter in 2013 for about $2.6 billion. In 2014, Liberty’s holdings in Charter and a minority interest in Time Warner Cable were spun off as a separate holding company, Liberty Broadband Corp.
Lest one think that Malone is looking to exit the media landscape entirely, rumors persist that his All3Media is one of the potential buyers of Endemol Shine Group, the Dutch production company behind such television programs as “Big Brother,” “MasterChef” and “Black Mirror.”