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John C. Malone rarely strikes straightforward transactions. And his deal to take a seat on the board of the film studio Lionsgate is no exception.

Lionsgate announced on Wednesday that Mr. Malone, the billionaire who controls the Liberty empire of media and telecommunications businesses, would swap stock in the Starz cable channel for Lionsgate shares and a board seat.

More specifically, Mr. Malone will hand over shares in two classes of Starz stock, representing a 4.51 percent stake but 14.5 percent of total voting power. In return, he will receive newly issued shares in Lionsgate representing a 3.43 percent stake, as well as the board seat.

The tie-up between the two takes place as the media landscape reshuffles as content providers and distributors seek new deals to grapple with the rise of online video and consolidation among the likes of Comcast and Time Warner Cable.

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It is also being orchestrated by Mr. Malone, a savvy deal maker constantly tinkering with the makeup of his empire.

Shares in Lionsgate were up 10 percent in early morning trading, at $32.85, while Series A shares in Starz were up 3.3 percent, at $31.73. That gives the former a market value of about $4.6 billion and the latter $3.3 billion.

The transaction raises the prospects of a bigger one between the two companies down the line, especially because Starz tried unsuccessfully to sell itself last year. But potential buyers like Rupert Murdoch‘s 21st Century Fox declined, believing the cable network overvalued, people briefed on the matter had said.

Lionsgate and Starz have worked together on projects in the past, notably the TV shows “Boss” and “Crash.” And on Wednesday, executives left room for potential future collaborations, both on the content and corporate side.

“We see tremendous value in Starz as well as the potential to explore a broad range of strategic initiatives in the future,” Jon Feltheimer, Lionsgate’s chief executive, and Michael Burns, the studio’s vice chairman, said in a statement.

For his part, Mr. Malone added: “Lionsgate has emerged as a leader in developing global content, and this transaction creates the potential for a number of strategic opportunities around the world with them.”