Greg Maffei, who oversaw a hodgepodge of media and sports assets, including Formula One, will be stepping down as chief executive of Liberty Media at the end of the year, as part of a corporate reorganization.
John Malone, the cable pioneer and media kingpin who orchestrated the creation of Liberty Media through a series of deals, will replace Mr. Maffei on an interim basis, Liberty Media said in a statement.
Mr. Maffei’s exit comes as the company is spinning off some of its assets. Charter, a cable and broadband company Mr. Malone holds shares in, will acquire Liberty Broadband, where he serves on the board. In addition, Liberty Media said it was spinning off Liberty Live, which will hold a majority of the parent company’s stake in the live entertainment business Live Nation.
The motorsports company Formula One will remain with Liberty Media. Mr. Maffei will stay on as a senior adviser after his contract ends on Jan. 1, the company said.
Mr. Malone thanked Mr. Maffei in a statement, saying the reorganization makes Liberty Media “simpler and more focused than ever before.” He also said he “thoroughly enjoyed working alongside” Mr. Malone.
“While it’s never easy to leave an organization as dynamic as Liberty, I am confident that this is the right time,” Mr. Maffei said.
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