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Malone leaves AT&T board
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July 10, 2001: 2:03 p.m. ET
Liberty Media exec calls Comcast's bid for AT&T cable 'insufficient'
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NEW YORK (CNNfn) - AT&T confirmed it received a faxed letter from John Malone Tuesday, saying the Liberty Media chairman will resign from its board, effective immediately.
Malone previously said he would leave August 10 after AT&T (T: up $1.60 to $20.30, Research, Estimates) shed the Liberty Media (LMG.A: down $0.64 to $16.17, Research, Estimates) unit in a spinoff. AT&T acquired Liberty Media in 1999 and the unit acts as an independent company with its own tracking stock.
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John Malone, chairman of Liberty Media | |
Malone said he accelerated his departure since he would not be involved in evaluating Comcast Corp.'s (CMCSA: down $0.93 to $38.02, Research, Estimates) $44.5 billion unsolicited stock offer for the broadband assets of AT&T. Malone also said the Comcast bid is "insufficient," according to a report from Reuters citing a source familiar with the situation.
Liberty Media owns stakes in 100 cable companies, including 8 percent of News Corp. (NEWS: Research, Estimates) and 99 percent of Liberty Digital. 
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