By: Forbes Real Time
April 17, 2013 at 11:51 AM EDT
When Will Bad Governance Affect Value at Liberty Media, Liberty Global, Virgin Media and Charter Communications?
The news that chairman John Malone has taken a $2.62BN stake in is not good news for a world in which Governance Matters. Liberty Media's governance structure is not one which appears enamoured of public shareholders. Its staggered board (one where directors are only up for election once every three years) consists of mostly long-tenured directors. The multiple classes of stock with different voting rights give far more voting control to Malone than is represented by his economic interest. And the CEO and the CFO are involved in far too many other companies where Malone is also a director or the chairman or a significant owner.
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