Liberty Media CEO Greg Maffei, who is stepping down at the end of the year, stated there are no plans to sell Formula 1, which he believes is well-positioned for the future. Under Liberty's ownership since 2017, F1 has seen significant growth, partly due to the Netflix series "Drive to Survive." Despite rumors of a $20 billion takeover bid by Saudi Arabia's Public Investment Fund, Maffei dismissed the idea, emphasizing the sport's strong prospects and Liberty's commitment to its stewardship.
Greg Maffei is stepping down as CEO of Liberty Media, the owner of Formula 1, at the end of the year to become an adviser. John Malone, the company's chairman, will serve as interim CEO. Maffei played a key role in Liberty Media's acquisition of F1 in 2017, which has since seen a surge in popularity, especially in the U.S. The company is currently under investigation by the U.S. Justice Department regarding Andretti Global's bid to join F1.
Liberty Media's CEO Greg Maffei is stepping down, potentially improving Andretti's chances of joining Formula 1. Maffei, who allegedly opposed Andretti's entry, will be replaced by interim CEO John Malone. While Maffei's exit may not immediately change the situation, it could lead to a more favorable environment for Andretti-Cadillac's F1 ambitions, especially since the FIA has already approved their entry. The team aims to compete by the 2026 season.
Greg Maffei, CEO of Liberty Media, which owns Formula 1, will step down at the end of 2024, with Chairman John Malone taking over as interim CEO. Maffei, who played a crucial role in Liberty's acquisition of F1 and its subsequent growth, will remain as a senior advisor to aid the transition. Liberty Media has also recently acquired MotoGP, expanding its influence in motorsport.
Greg Maffei, CEO of Liberty Media, will step down by the end of 2024, with John Malone taking over as interim CEO. Maffei, who played a key role in Liberty's acquisition of Formula 1 and its transformation into a global entertainment entity, will remain as a senior advisor to ensure a smooth transition. Maffei's departure marks the end of nearly two decades at Liberty, during which he significantly expanded the company's asset base and streamlined its corporate structure.
Liberty Media announced it will spin off most of its assets, excluding Formula One, into a new publicly traded company called Liberty Live, with CEO Greg Maffei stepping down at the end of the year. John Malone will serve as interim CEO. Liberty Live will hold shares in Live Nation Entertainment and other assets, while Liberty Media retains Formula One and MotoGP. Additionally, Charter Communications will acquire Liberty Broadband in an all-stock deal. The restructuring aims to simplify Liberty's capital structure and enhance trading liquidity.
Mario Andretti revealed that Greg Maffei, CEO of Liberty Media, personally vowed to prevent the Andretti Formula 1 project from joining the grid, despite the team's ongoing efforts and recent support from US politicians.
Mario Andretti revealed that Greg Maffei, CEO of Liberty Media, vowed to block Andretti Global's bid to enter Formula 1 during a private reception at the Miami Grand Prix. The incident, which Andretti described as deeply personal, occurred after Andretti joined lawmakers in Washington to advocate for his team's entry into F1. Maffei and Liberty Media have not commented, while a source close to Liberty Media disputes Andretti's account. The situation has escalated with U.S. lawmakers calling for an antitrust investigation into F1's practices.
