Liberty Media announced Wednesday that it's spinning off most assets besides Formula One auto racing into a separate publicly traded company, called Liberty Live, and that CEO Greg Maffei is stepping down at year-end.
After the split, Liberty Media will hold Formula One, which Liberty acquired in 2016 and later spun out as a tracking stock, and MotoGP, upon the closing of that transaction.
The Liberty Media and Liberty Live split is expected to be completed in the second half of 2025, and the sale of Liberty Broadband to Charter is projected to be completed in mid-2027.
"Following today's announcements at Liberty Media and Liberty Broadband, all the Liberty acquisitions completed during my tenure are now in structures where shareholders can have more direct ownership in their upside," Maffei said in a separate release.
He's chairman of the board of Liberty Media, Liberty Broadband and Liberty Global.
Persons:
Greg Maffei, John Malone, Malone, Chris Marangi, it's, It's, Quint, Maffei, He's, Discovery —
Organizations:
Liberty Media, Formula, Liberty, Liberty Media . Liberty, Gabelli, MotoGP, Live Nation Entertainment, Communications, Liberty Broadband, Liberty Live Group, Charter, Warner Bros, Discovery, Liberty Global, TCI, AT
Locations:
Manhattan, Liberty