Group 1 - Liberty Media is spinning off most assets, excluding Formula One, into a new publicly traded company named Liberty Live, with CEO Greg Maffei stepping down at year-end [1] - After the split, Liberty Media will retain ownership of Formula One and MotoGP, while Liberty Live will hold approximately 69.9 million shares of Live Nation Entertainment and other private assets [2] - Charter Communications will acquire Liberty Broadband in an all-stock transaction, simplifying Malone's portfolio, as Liberty owns 26% of Charter shares [3] Group 2 - The split-off of Liberty Live Group aims to simplify Liberty Media's capital structure, reduce the discount to net asset value of Liberty Live stock, and enhance trading liquidity for both entities, according to Maffei [4] - John Malone, known as a pioneer in the cable industry, will take over as interim CEO of Liberty Media, highlighting his ongoing involvement in various media assets [5][6] - Malone has a history of significant financial transactions, including the sale of TCI to AT&T for approximately $50 billion in 1999 [7]
Liberty Media to spin off assets; CEO Greg Maffei to step down at year-end