Liberty Media has announced plans to offload the majority of its entertainment holdings, excluding Formula One, to a newly formed entity named Liberty Live. As part of these developments, current CEO Greg Maffei will step down by the end of 2024 and be replaced by interim CEO John Malone, billionaire cable magnate and Liberty Media chair.
Liberty Live's portfolio will include the organisation's around 30% stake in Live Nation Entertainment, and Quint, a hospitality and ticketing firm catering to the sports and entertainment sector, held as of July 31. Liberty Media, however, will hold onto Formula One and motorcycle racing operator MotoGP. The split is anticipated to be finalised in late 2025.
The spin-off is part of Liberty Media's initiative to simplify its intricate stock structure by establishing unique tracking stocks for Formula One and Liberty Live. Formula One Class C shares saw a surge of roughly 6% on Wednesday while Liberty Live Class C shares fell by 2%.
In another development, Charter Communications (CHTR) is set to acquire Liberty Broadband (LBRDK), which had been spun off from Liberty Media in 2014 and as of July 31, holds a 36% stake in Charter. Closing in mid-2027, the deal states that Liberty Broadband shareholders will be given 0.236 of a Charter share for each Liberty Broadband share they own. On Wednesday, Charter shares saw nearly a 4% rise while Liberty Broadband's shares fell by 5%.