Cable TV Magnate Will Dedicate Fortune To Promoting Education
The head of the country's largest cable television company recently announced that after he dies almost all of his $1.5 billion fortune will be used to endow a foundation dedicated to improving education.
John C. Malone, the 56-year-old chairman and chief executive officer of the Denver-based Tele-Communications Inc., plans to underwrite the Malone Family Foundation with most of his 42 million shares of company stock.
Because the endowment will come from stock holdings, it could ultimately be worth significantly more or less than the current $1.5 billion market value of the shares. The cable company's stock has been performing well recently and has more than doubled in value since...
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