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Media Executive to Pay $1.4 Million Fine for Antitrust Violations
WASHINGTON — Media executive John C. Malone will pay a $1.4 million civil penalty to settle charges that he violated premerger reporting and waiting requirements when he acquired Discovery Holding Co. voting securities, the government announced today.
The charges allege that Malone, Chairman of the Board of Liberty Media Corporation and Chief Executive Officer and Chairman of the Board of Discovery Holding Co., failed to comply with the antitrust premerger notification requirements of the Hart-Scott-Rodino (HSR) Act of 1976. Malone made a corrective filing for the acquisitions of Discovery voting securities on June 12, 2008, but before the expiration of the waiting period triggered by the filing, he made additional acquisitions of Discovery voting securities on June 14, 2008.
The Hart-Scott-Rodino Act of 1976 imposes notification and waiting period requirements on individuals and companies over a certain size before they consummate acquisitions resulting in holding stock or assets above a certain value, which was $53.1 million in August 2005, and with annual adjustments to reflect changes in gross national product is currently $65.2 million.
Malone’s failure to comply with the HSR Act resulted in a daily penalty of $11,000 for each day he was in violation of the Act. For a party in violation of the HSR Act on or after February 10, 2009, the maximum penalty is $16,000 a day.
Malone is set to pay a total of $1.4 million to settle the charges.
Mandatory Facts:
Defendant: John C. Malone
Criminal Charges: Violating antitrust premerger notification requirements
City and State: Washington
Exact Date: August 9, 2005 through July 14, 2008
Sentence or Outcome: Paying a $1.4 million civil penalty
Dollar Amounts: $1.4 million, $53.1 million, $65.2 million
Key Facts
- State: Washington
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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