Greg Maffei to step down as Liberty Media CEO at end of 2024

Greg Maffei will step down as chief executive of Formula One owner Liberty Media at the end of the year.

Confirmed:

• Maffei opts against renewing his contract and will transition to a senior advisor effective 1st January 2025
• Liberty Media chairman John Malone will serve as interim chief executive

Context:

Maffei first joined Liberty Media in 2005 and has overseen the evolution of the US media company’s portfolio that was headlined by the acquisition of Formula One for US$4.6 billion in January 2017. Since then, Liberty has rapidly expanded the series’ global appeal, with the most recent full-year financial results showing revenues of US$3.2 billion for 2023, a 25 per cent year-over-year (YoY) increase.

Maffei will leave the company around the time it is expected to close its acquisition of MotoGP for €4.2 billion (US$4.5 billion), which was first announced in April. Liberty is currently under investigation by the US Department of Justice (DOJ) for denying Andretti Global entry into Formula One.

Comment:

“On behalf of the Liberty Media board, I’d like to thank Greg for his leadership, creativity and dedication,” said Malone.

“Since joining in 2005, Greg has been at the forefront of the exciting evolution in the lifecycle of Liberty. He has grown our asset base and made the company better and more valuable for shareholders, along the way overseeing as many as five separate public companies simultaneously.

“Especially following today’s transaction announcements, our company is simpler and more focused than ever before, which is a perfect capstone for Greg’s accomplished career at Liberty. I wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an advisor.”

Coming next:

Maffei will assume the role of senior advisor to ease the transition once he steps away from full-time involvement at Liberty Media, but the company has given no timeline for appointing his successor. 

Go deeper:

• F1 viewership analysis: Has the series cracked the US TV market?
• Liberty’s €4.2bn MotoGP takeover: Answering the key questions and what it means for F1