:max_bytes(150000):strip_icc()/GettyImages-2153989719-8412e02673c84a4b89bb3f99f6c51b03.jpg?w=1500&resize=1500,1000&ssl=1 "F1 Owner Liberty Media To Spin Off Entertainment Assets as CEO Steps Down | Global News Avenue")
F1 Owner Liberty Media To Spin Off Entertainment Assets as CEO Steps Down
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Main points
- Liberty Media is spinning off most of its entertainment assets, excluding Formula 1, into a separate listed entity, Liberty Live.
- Chief executive Greg Maffei will step down at the end of the year, with billionaire chairman John Malone assuming interim control.
- Charter Communications acquired Liberty Broadband in a separate deal.
free media (look, Frank, liva, Levick) indicates plan spin off Moved most of its entertainment assets except Formula 1 into an independently traded entity, Liberty Live, and announced the resignation of CEO Greg Maffei.
As of July 31, Liberty Live will take away the company’s stake in Live Nation Entertainment, which represents approximately 30%. It will also hold Quint, a ticketing and hospitality company in the sports and entertainment industry. Liberty Media will retain Formula One and motorcycle racing operator MotoGP, which it acquired in 2017. The company expects the spin-off to be completed in the second half of 2025.
Longtime CEO Greg Maffei will step down from the company at the end of 2024, with Liberty Media chairman and billionaire cable TV mogul John Malone taking over as interim CEO.
Liberty Media said the spin-off would help simplify its complex share structure and have an independent Track stocks its Formula 1 and Liberty Live divisions. Formula 1 Class C shares were up about 6% on Wednesday, while Liberty Live Class C shares were down 2%.
Liberty Broadband to be acquired by Charter
Additionally, Liberty Broadband (LBRDK) announced on Wednesday that it will be acquired by Charter Communications (CHTR). Liberty Broadband, which was spun off from Liberty Media in 2014, held a 36% stake in Charter as of July 31.
Through this transaction, Liberty Broadband shareholders will receive 0.236 Charter shares for each Liberty share owned. It is expected to close in mid-2027.
Charter shares rose nearly 4% on Wednesday, while Liberty Broadband shares fell 5%.
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