As a long-time follower of Liberty Media Corporation, I have to say that Greg Maffei’s tenure has been nothing short of extraordinary. His leadership has steered this company through unprecedented growth and transformation, from the acquisition of Sirius XM Holdings to the current split off of Liberty Live Group. It’s hard to imagine a more fitting capstone to his accomplished career than the simplification and focus of the company today.
Liberty Media Corporation CEO Greg Maffei will step down from his role at the end of 2024.
Liberty Media’s chairman, John Malone, will take over as the interim CEO, replacing Maffei who will leave the position at the end of this year. Maffei will continue to work with the company from January 1st onwards in an advisory role, helping to facilitate a smooth transition for the new management team.
Maffei resigns as he acknowledges that all the acquisitions completed during his term are now part of different entities. On Wednesday, the company announced its intention to spin off the Liberty Live Group, which includes approximately 69.6 million shares of Live Nation Entertainment, Inc., Quint, and other assets. This spin-off would result in Liberty Media becoming two distinct publicly traded companies: one holding its subsidiaries Formula 1 and MotoGP, and another named Liberty Live, Inc. After the split, Liberty Media will no longer utilize a tracking stock structure.
The merger of Sirius XM Holdings and the Liberty Sirius XM Group’s tracking stock was finalized as a single, publicly-traded entity in September.
Maffei, who has led Liberty Media for nearly 20 years, finds his time there immensely fulfilling, invigorating, and filled with endless excitement. With today’s announcements from both Liberty Media and Liberty Broadband, all the acquisitions made during Maffei’s leadership are now organized in a way that allows shareholders to have more direct control over their potential profits.
The organizational setup is well-tuned, and our subsidiaries are thriving, boasting capable leadership teams. Though parting with an energetic company like Liberty is never simple, I am convinced that now is the appropriate moment,” the departing CEO stated. “I’ve greatly appreciated collaborating with John, our board, the executive teams at Liberty and within our entire corporate family, as well as our shareholders.
As a dedicated supporter, I’m thrilled to share that Maffei will carry on holding the position of chairman at Qurate Retail, Liberty TripAdvisor, Tripadvisor, and SiriusXM. Additionally, he will remain a board member for Charter Communications, Live Nation Entertainment, and Zillow.
Upon entering, Malone mentioned his intent to streamline the structural discounts within Liberty Media and also seek out avenues for boosting “shareholder worth.
Speaking on behalf of the Liberty Media board, I’d like to express our gratitude to Greg for his outstanding leadership, innovation, and commitment. Since 2005, Greg has been instrumental in driving the thrilling transformation of Liberty, expanding our assets significantly and making us a more valuable investment for shareholders. Remarkably, he managed as many as five separate public companies at once! With today’s transaction announcements, our company is now leaner and more focused than ever before – a fitting finale to Greg’s impressive career with Liberty. I wish him continued success in his upcoming ventures and look forward to his continued guidance as an Advisor.
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2024-11-13 17:27