Liberty Media said Chief Executive Greg Maffei will step down, as the media conglomerate works to simplify its corporate structure by separating into two businesses: one focused on sports and one for live entertainment.
The Wall Street Journal reports Liberty on Wednesday announced plans to spin off Liberty Live Group, which owns a sizable stake in ticketing and concert promotion giant Live Nation and Quint, which sells event ticket and travel packages. Liberty Media will continue to hold Formula One and the parent of Grand Prix motorcycle racing.
The changes are signs of how billionaire John Malone’s empire is evolving as he moves into his 80s and tries to position his stable of businesses for the future.
A yearslong postpandemic live events boom has bolstered Live Nation, the world’s largest concert promoter. Formula One has also benefited from growing fandom, helped in part by Netflix’s hit “Drive to Survive” series and additional races in the U.S.
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| Greg Mattei |
Maffei said splitting Liberty Live into a separate entity could reduce the discount to net asset value of the stock and improve liquidity for both entities.
Malone will step in as interim CEO when Maffei’s contract expires at the end of the year. Malone said Maffei had improved the company and overseen as many as five separate public companies at the same time during his tenure.
Liberty said that its live spinoff will become a publicly traded company. It expects the split to be completed in the second half of 2025.
Separately on Wednesday, Charter Communications said it had agreed to acquire Malone’s Liberty Broadband LBRDK -5.05%decrease; red down pointing triangle, which is the largest shareholder in the Spectrum cable and internet parent company. Liberty Broadband will also spin off its GCI subsidiary, an Alaskan communications provider, through a stock distribution as part of the deal.
Earlier this fall, Liberty finalized the split-off of its Liberty Sirius XM Holdings into an independent company.
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