John Malone Steps Down from Liberty Media and Liberty Global
Cable TV pioneer John Malone has stepped down from his role as chairman of both Liberty Media and Liberty Global, the companies announced Wednesday.
Robert Bennett, Liberty Media’s Vice-Chairman, will take over as chairman of the board, while Mike Fries, Liberty Global’s CEO, moves up to fill Malone’s position at that company.
At 84, Malone isn’t leaving entirely. He’ll stay on as chairman emeritus after a remarkable career that earned him the nickname “Cable Cowboy” for building a massive cable TV and pay-per-view empire.
This change doesn’t come as a surprise. Malone had already announced back in April that he wouldn’t seek re-election as board chairman.
Malone’s legacy includes establishing Liberty Media, which has become a major player in motorsports entertainment. The company made headlines in 2017 when it took over Formula 1, pushing out longtime F1 boss Bernie Ecclestone.
And they’re not done yet.
Liberty Media recently acquired MotoGP, putting them in control of the world’s two biggest racing series. The deal got the green light after EU regulators confirmed it met anti-monopoly requirements.
The MotoGP acquisition has stirred up serious interest from investors. Rumors are even swirling that F1 superstars Lewis Hamilton and Max Verstappen might be looking to buy teams in motorcycle racing’s premier competition.
One investor has already made their move. Former F1 team principal Guenther Steiner, leading the IKON Capital investment group, recently purchased the Red Bull KTM Tech3 team in MotoGP.
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