News Summary: Liberty to buy stake in Charter

News Summary: Liberty Media to buy 27 percent stake in Charter Communications for about $2.62B

Associated Press

ENGLEWOOD, Colo. (AP) -- THE DEAL: Liberty Media Corp., the holding company controlled by billionaire John Malone, said Tuesday that it will buy a 27.3 percent stake in the cable TV provider Charter Communications for about $2.62 billion.

NEW DIRECTORS: As part of the deal, Liberty gets to nominate four people to the company's board. It expects its nominees to include Malone, Liberty President and CEO Gregory Maffei, Liberty Global Inc. executive Nair Balan and Barnes & Noble Inc. CFO Michael Huseby.

THE OTHER: Four current members of Charter's board will resign.

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