Malone swaps 1% stake in CBS in restructuring

Media investor John Malone took the latest step to streamline Liberty Media Corp. by swapping a 1% stake in CBS Corp. for a television station in Wisconsin and $170 million in cash.

It marked the latest move by Malone to simplify Liberty's corporate structure by swapping passive investments in other media companies for operating businesses.

The day before, Liberty finalized a deal with Time Warner to exchange a block of Time Warner Inc. shares for the Atlanta Braves and other consideration. That deal must still be approved by Major League Baseball.