Liberty Media to buy 27.3 pct stake in Charter Communications

March 19 Tue Mar 19, 2013 8:13am EDT

March 19 (Reuters) - Liberty Media Corp will buy a 27.3 percent stake in cable operator Charter Communications Inc for about $2.62 billion.

Liberty will pay $95.50 for each Charter share, a discount of 2.6 percent to Charter's Monday close of $98.04.

Liberty Media, a holding company controlled by cable pioneer John Malone, will buy the stake from Apollo Management, Oaktree Capital Management and Crestview Partners, the companies said in a joint statement.