From CNBC: 2024-11-13 10:26:06

Liberty Media is splitting off assets besides Formula One into a new company called Liberty Live, with CEO Greg Maffei stepping down at year-end. John Malone will become interim CEO. The move simplifies Malone’s empire and continues a wind down for Liberty, creating shareholder value.

After the split, Liberty Media will hold Formula One and MotoGP, while Liberty Live will hold shares of Live Nation Entertainment, Quint, and other assets. Charter Communications will acquire Liberty Broadband in an all-stock transaction. The split is expected to be completed in 2025, with the Charter acquisition in 2027.

The split-off will simplify Liberty Media’s capital structure, reduce the discount to net asset value of Liberty Live stock, and enhance trading liquidity. Maffei, part of Liberty since 2005, believes the timing is right to leave. Malone, known as the “cable cowboy,” has remained active in various media assets and is taking over as interim CEO of Liberty Media.

Malone is a pioneer in the cable industry, known for shrewd financial transactions and spinning out companies into tracking stocks. He sold TCI to AT&T in 1999 for roughly $50 billion.



Read more at CNBC: Liberty Media to spin off assets; CEO Greg Maffei to step down at year-end