Liberty Media on Wednesday said it planned to spin off most of its assets into a new publicly traded entity, called Liberty Live, except for its Formula One holdings. In the reorganization, Greg Maffei will relinquish the CEO title at year end, and John Malone, who is Liberty’s chairman, will reprise his role as interim CEO. The announcement, preceding Liberty’s investor day on Thursday in New York, marks a significant shift in strategy for Liberty.
Malone, 83, is rehired as CEO after having previously led the company – a career spanning decades in media investments and corporate strategy. The restructuring seeks to make Liberty Media’s portfolio less complex and sharpen the focus on core assets. ” This is part of unlocking value and streamlining the operation,” Co-CIO Chris Marangi said at Gabelli Funds. “Liberty has created substantial shareholder value over the past two decades, and we are now entering its final act,” Marangi commented.
Under the new structure, Liberty Media will retain its key assets, including its 2016 acquisition of Formula One and its forthcoming acquisition of MotoGP. Liberty Live, the newly created entity, will hold a diverse portfolio, including a 69.9% stake in Live Nation Entertainment, sports experience provider Quint, and other related assets.
Additionally, the company said Charter Communications will buy Liberty Broadband in an all-stock deal, adding to Malone’s consolidation. The Liberty Broadband owns 26% in Charter Communications and announced its intention to merge in late September; the deal is expected to streamline the overall structure of Malone’s media empire. The acquisition is expected to close in mid-2027.
The spin-off of Liberty Live will be completed in the last half of 2025, whereas the Liberty Broadband-Charter deal will be concluded in mid-2027. The fact that the company has been with Liberty since 2005, Maffei said stepping down was a difficult decision for him, but it is the right time for the company. Maffei said, “Transforming Liberty Live into an independent entity will streamline our capital structure and increase shareholder value.”
Malone’s return to the CEO role indicates that he remains an influential figure in Liberty’s strategic management, with the ultimate aims of enhancing shareholder value and simplifying the group’s complex media and telecommunications assets.
