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Liberty Media chairman John Malone has sold $3.4 million in Discovery Communications stock, according to a regulatory filing late Monday.
Malone sits on the Discovery board and continues to own shares in the cable networks company led by CEO David Zaslav. Malone’s holdings that gave him a voting stake of 29.2 percent as of early April when Discovery made its most recent proxy filing.
Liberty used to own the corporate predecessor of the current Discovery and spun it off a few years ago.
Monday’s filing with the Securities and Exchange Commission showed that Malone sold 45,210 shares of Discovery’s Series A stock on the open market last Thursday for an average price of $75.74.
That valued the stock sale at $3.42 million.
Discovery’s stock has risen more than 50 percent over the past year.
Following the sale, Malone directly owns more than 3.37 million Series C shares, according to the filing. He has also owned Series A and Series B shares.
Pivotal Research Group analyst Brian Wieser last week upgraded his rating on Discovery’s stock from “sell” to “hold” and boosted his price target by $12 to $82.
Discovery’s stock has over the past year traded between $52.12 and $89.58. On Monday, it closed at $82.84, giving the company a market value of $29.7 billion.
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