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John Malone Boosts Stake in Discovery With $75 Million Stock Purchase

John Malone has upped his stake in Discovery Inc. by purchasing $75 million worth of stock on the open market.

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.

 

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