Liberty Broadband's John Malone Retiring From Charter Communications Board

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John Malone

The departure from the cable giant comes on the heels of the billionaire media investor stepping down from the board of directors at Lionsgate.

Charter Communications on Tuesday said billionaire investor John Malone is retiring from its board of directors.

"I am retiring from the board of Charter to reduce my travel and focus on fewer board positions. I remain heavily invested in Charter, both financially and emotionally, and am excited about its prospects," Malone, who will remain as a director emeritus, said in a statement.

His departure from Charter, in which Malone's Liberty Broadband owns a big stake, comes on the heels of Lionsgate announcing Malone will also step down from the studio's boardroom in September, after the company's annual shareholders meeting.

Malone has been a Liberty Broadband representative on the Charter board. He will be replaced by Liberty Broadband's new nominee, James E. Meyer, CEO of Sirius XM.

"Jim Meyer's broad experience, including at Sirius XM, will benefit the Charter Board of Directors and I look forward to serving with him," Charter chairman and CEO Tom Rutledge said in a statement.

Leaving the Charter and Lionsgate boards could come as Malone eyes new investment moves. Liberty Global/Discovery Communications’ All3Media, also in Malone's investment orbit, is expected to be a bidder for TV behemoth Endemol Shine Group, producers of titles including Big Brother, MasterChef, Black Mirror and Peaky Blinders, as it goes on the block.