Greg Maffei stepping down as CEO of Liberty Media

'Cable Cowboy' John Malone returns as interim chief

ASSOCIATED PRESS //November 13, 2024//

Greg Maffei, president, CEO and director of Liberty Media Corp., arrives at the Sun Valley Inn for the 2011 Allen and Co. Sun Valley Conference in Sun Valley, Idaho on July 6, 2011. (AP Photo/Julie Jacobson, File)

'Cable Cowboy' John Malone returns as interim chief

ASSOCIATED PRESS //November 13, 2024//

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Greg Maffei is stepping down as president and CEO Liberty Media. The company says the 64-year-old Maffei will leave his role when his contract expires at the end of the year and become an adviser. Liberty Media’s 83-year-old chairman John Malone will be the interim CEO.

“While it’s never easy to leave an organization as dynamic as Liberty, I am confident that this is the right time,” Maffei, 64, said in a statement released Wednesday.

He was a leading figure in the takeover of Formula 1 in 2017 from long-time rights holder Bernie Ecclestone. At the time, Maffei predicted “an enormous opportunity to grow the sport.”

The years since then have seen a boom in interest in F1, in part driven by the success of the Netflix series “Drive To Survive.” That’s particularly true in the United States, which now hosts three races a year. The Las Vegas Grand Prix is next week.

Liberty Media said in August that it was under investigation by the U.S. Justice Department over denying Andretti Global’s bid to become F1’s 11th team. Maffei said at the time that the company is open to new entrants applying, and potentially being approved, if certain requirements are met.

Liberty Media also expanded into motorcycle racing in April when it agreed a deal worth around $4.5 billion for the MotoGP series.