Formula One owner Liberty Media (NASDAQ:LINTA) has announced plans to spin off Liberty Live, including its stake in Live Nation and sports experience provider Quint, into a standalone company and that CEO Greg Maffei will be stepping down at the end of the year.
Liberty Media (NASDAQ:LINTA) will hold its subsidiary Formula One and MotoGP, among other assets.
“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,” Maffei said in a statement.
“Following the split-off, Liberty Media will be an independent, asset-backed company holding our motorsport businesses and related sports investments.”
Following the spin off, it is expected that Liberty Media will continue to trade on the Nasdaq Global Select Market and Liberty Live will also trade on this exchange or, if necessary, the OTC Markets.
Further, the company said Liberty Broadband would be acquired by Charter Communications in an all-stock transaction.
The Liberty Live spin off is expected to be completed in the second half of 2025, while the sale of Liberty Broadband is expected to be completed in mid-2027.
Separately, Liberty Media announced CEO Maffei will be stepping down at the end of the year when his contract expires.
Liberty Media chairman John Malone will take over as interim CEO.
“Looking ahead, I am acutely focused on rationalizing the structural discounts at Liberty Media and growing our attractive, cash generative businesses,” Malone commented.
“We have built a fantastic company with high-quality assets in media, communications, sports and entertainment. I look forward to working with our executive team to uncover new opportunities for shareholder value creation.”