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News > Companies
Malone leaves AT&T board
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. graphic

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.