Liberty Media to Spin Off Assets, CEO Greg Maffei to Step Down at Year-End

Liberty Media Corporation has announced a significant restructuring plan, including the spin-off of its Liberty Live Group and the departure of its long-serving CEO, Greg Maffei. The company intends to split off assets associated with Live Nation, Quint, and certain private assets, subject to various conditions such as approvals from holders of Series A and Series B Liberty Live common stock and the receipt of an opinion of tax counsel. This split-off is aimed to be tax-free to stockholders of Liberty Media.

The decision to spin off these assets is part of Liberty Media’s strategy to simplify its corporate structure. This move is expected to enhance the focus and operational efficiency of the remaining entities within Liberty Media. The transaction is contingent on several approvals and is anticipated to be completed under terms that will not incur tax liabilities for the stockholders.

In conjunction with this restructuring, Greg Maffei, who has been the President and CEO of Liberty Media, will step down at the end of 2024. Maffei’s departure marks a significant change in the company’s leadership as it embarks on this new structural path. The transition is designed to align with the company’s broader strategy of streamlining its operations and enhancing shareholder value.

The announcement highlights Liberty Media’s commitment to strategic growth and operational efficiency. The company will hold an investor meeting to discuss the details of the transaction and the future outlook for the separated entities. This meeting will provide stakeholders with a clearer understanding of the implications and benefits of the proposed changes.