Liberty Media has announced that it will buy a 27.3% in US cableco Charter Communications for USD2.62 billion. Liberty, which is controlled by cable industry veteran John Malone, will pay USD95.50 for each Charter share, which represents a discount of 2.6% on Monday closing share price of USD98.04. Liberty will acquire the stake from Apollo Management, Oaktree Capital Management and Crestview Partners. In addition, Liberty has agreed to not increase its ownership in Charter above 35% until at least January 2016, and must not raise its stake above 39.99% thereafter. The transaction is expected to close in the first half of the second quarter of 2013, subject to the satisfaction of customary closing conditions.