Greg Maffei to Step Down; Liberty Restructures

Liberty Media announced that its President and CEO, Greg Maffei, will step down at the end of 2024, with Chairman John Malone taking over as interim CEO. Maffei, who has been with Liberty since 2005, played a crucial role in transforming Formula 1 into a global entertainment giant and led the acquisition of MotoGP. Following his departure, Maffei will serve as a Senior Advisor to ensure a smooth transition. Concurrently, Liberty Media plans to simplify its corporate structure by spinning off most assets, including a significant stake in Live Nation Entertainment, into a new entity called Liberty Live. Additionally, Charter Communications will acquire Liberty Broadband in an all-stock transaction, further streamlining Liberty's focus on media and broadband holdings. These moves are part of Liberty's strategy to optimize shareholder ownership and corporate structure.