David Zaslav, ‘Cable Cowboy’ Malone Sued Over SiriusXM Reshuffle

Billionaire John Malone and his allies, including Warner Bros. Discovery Inc. CEO David Zaslav, shortchanged public investors by forcing through a byzantine restructuring that cemented Malone’s control over Sirius XM Holdings Inc., according to an unsealed lawsuit.

A pension fund is suing Malone, his Liberty Media Corp. conglomerate, Zaslav, and other Sirius board members at the time of the “exquisitely convoluted” transactions, saying they unfairly favored the idiosyncratic tax preferences held by Malone, a media mogul known as the “cable cowboy.” The deal unloaded $2 billion in tax liabilities while closing a huge gap between the trading value ...