Liberty Media announces live spin-off, CEO to exit

Live Nation’s largest shareholder Liberty Media is to spin off its live interests into a new public company as part of a restructure, as president and CEO Greg Maffei prepares to exit the firm.

The proposed move will see Liberty Media and Liberty Live become separate publicly traded companies.

Liberty Media will house the US media, communications and entertainment giant’s Formula 1 and MotoGP subsidiaries, together with other assets, while Liberty Live will hold approximately 69.6 million shares of Live Nation, plus sports premium experience provider Quint.

“The split-off of Liberty Live Group into a separate public entity will simplify Liberty Media’s capital structure, should reduce the discount to net asset value of our Liberty Live stock and enhance trading liquidity at both entities,” says Maffei. “Following the split-off, Liberty Media will be an independent, asset-backed company holding our motorsport businesses and related sports investment.

“Since acquiring Quint in January 2024, we have bolstered its partnership with Formula 1 and gained insights into our fans and ticket demand trends, but Quint is also complementary to our interest in Live Nation, especially as Live Nation works to grow its hospitality operations.

“Quint can continue to enhance its partnership with F1 and MotoGP in this new ownership structure while having the opportunity to expand its offering to additional partners.”

“While it’s never easy to leave an organisation as dynamic as Liberty, I am confident that this is the right time”

Maffei, who has served as Live Nation chair since 2013, will step down from his role at Liberty when his contract expires at the end of 2024, with Liberty Media chair John Malone set to assume the role of interim CEO. Maffei will serve as a senior advisor from 1 January 2205 to support the management transition.

“On behalf of the Liberty Media board, I’d like to thank Greg for his leadership, creativity and dedication,” says Malone. “Since joining in 2005, Greg has been at the forefront of the exciting evolution in the lifecycle of Liberty. He has grown our asset base and made the company better and more valuable for shareholders, along the way overseeing as many as five separate public companies simultaneously.

“Especially following today’s transaction announcements, our company is simpler and more focused than ever before, which is a perfect capstone for Greg’s accomplished career at Liberty. I wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an advisor.”

During Maffei’s 19-year tenure, Liberty has completed the acquisition and investment in businesses including Live Nation, the Atlanta Braves, DirecTV, SiriusXM, Charter Communications and Formula 1.

“The almost 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, stimulating and endlessly eventful,” adds Maffei. “While it’s never easy to leave an organisation as dynamic as Liberty, I am confident that this is the right time. I have thoroughly enjoyed working alongside and learning from John, our board, the management teams at Liberty and across the family of companies and our shareholders.”

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