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Liberty buying Charter stake

John Malone's diversified media group agreed to buy a 27.3% stake in Charter Communications (CHTR) for $2.6 bil. Liberty Media Group (LMCA), which owns part of the Atlanta Braves, Sirius XM Radio (SIRI) and other businesses, will pay $95.50 for shares bought from a group of investment funds. The deal is expected to close late in Q2. Liberty agreed to not increase ownership in Charter above 35% until Jan. '16 and not more than 39.99% afterward. Liberty shares fell 0.3% to 110.34. Charter rose 2.4% to 100.38.