Malone picked up just under 2.7 million shares in Discovery at $28.03 on Nov. 14, according to a Securities and Exchange Commission filing. Malone was already the company’s single-largest individual shareholder who holds super-voting shares that give him influence in the company. He also has a seat on the board of directors.
News of Malone’s purchase gave a lift to Discovery shares in early trading Monday. The stock took a dive in July well below $30. But shares soared 12% on Nov. 7 after Discovery released its third-quarter earnings and has hovered around $30 ever since.
In June 2018, Malone bought $33 million in Discovery stock.
Discovery declined to comment on the activity of Malone.