In this article, Liberty Media announced on Wednesday that it is spinning off most assets, excluding Formula One auto racing, into a separate publicly traded company named Liberty Live. CEO Greg Maffei will step down at the end of the year. Chairman John Malone will take over as the interim CEO of Liberty Media. The company’s investor day is scheduled to take place on Thursday in Manhattan.
Despite being 83 years old, Malone will resume the role of CEO, simplifying his empire and continuing the wind down for Liberty, according to Chris Marangi, Co-CIO of Value at Gabelli Funds. Marangi stated in an interview that Malone has expedited the surfacing and simplification of value. Liberty has evolved significantly during its 20-plus years as a standalone entity, creating substantial shareholder value. Marangi described this phase as the final act.
Following the split, Liberty Media will retain ownership of Formula One and MotoGP. Liberty Live will hold approximately 69.9 million shares of Live Nation Entertainment, Quint, and other assets. The company also revealed that cable giant Charter Communications will acquire Liberty Broadband in an all-stock transaction. Liberty Broadband, which went public in September with plans to merge with Charter, owns 26% of Charter shares.
The split between Liberty Media and Liberty Live is anticipated to be finalized in the second half of 2025, while the sale of Liberty Broadband to Charter is expected to be completed by mid-2027. Maffei expressed in a release that the separation of Liberty Live Group into a distinct public entity will simplify Liberty Media’s capital structure, potentially reducing the discount to net asset value of Liberty Live stock and enhancing trading liquidity for both entities.
Maffei, who has been associated with Liberty since 2005 and holds various board positions within the company’s assets, including Charter, emphasized that all Liberty acquisitions made during his tenure are now structured to provide shareholders with more direct ownership in their potential growth. Malone, a cable industry pioneer known as the “cable cowboy,” has maintained involvement in various media assets over the years. He serves as chairman of the board for Liberty Media, Liberty Broadband, and Liberty Global.
Malone, recognized for his strategic financial dealings and spinning out companies into tracking stocks, notably led the cable empire TCI in the 1970s. He later sold TCI to AT&T in 1999 for approximately $50 billion.
