Malone steps down as DirecTV chairman

John Malone has stepped down as chairman at DirecTV and slashed his control over the company in a previously announced stock swap meant to satisfy the Federal Communications Commission

Greg Maffei, CEO of Liberty Media Corp, and investment banker Paul Gould, a director at the Malone-chaired Liberty Global cable TV giant, also have left the DirecTV board.

The FCC had expressed concern about potential overlap between part of Malone's media empire, specifically DirecTV's Puerto Rican business and Liberty Global's cable operations there. Michael White, DirecTV president and CEO, replaces Malone as chairman of the DirecTV board

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