Paul Allen Files to Sell USA Networks Shares

USA Networks Inc. board member and Microsoft Corp. co-founder Paul Allen has filed with U.S. regulators to sell 1 million common shares, worth $20.5 million, of the media company’s stock.

Allen, who stepped down from Microsoft’s board last year, filed for the USA Networks stock sale with the Securities and Exchange Commission on Aug. 23. The documents were publicly released Wednesday.

He had 30.2 million shares, an almost 10% stake in the New York-based firm, according to an April proxy statement filed with the SEC, the most recent available. Allen acquired the shares in July 1997, the filing said.

Between Aug. 13 and 22, Allen sold a total of 1.19 million shares worth $28.9 million.