Billionaire media mogul John Malone, known as the 'Cable Cowboy', is stepping down from his roles as chairman of Liberty Media and Liberty Global to focus on strategy and deal-making, while remaining a controlling shareholder. He plans to reduce his involvement in operational details but will continue to oversee his various private businesses. Malone's move marks a significant shift in the media landscape, leaving Rupert Murdoch as the last active media mogul of his generation.
General Motors is advancing talks with Formula 1 for a potential 2026 entry as an 11th team, following Andretti Global's exit from the bid. Andretti's initial proposal was rejected by F1 on commercial grounds, but GM's involvement could see a new team, possibly under the Cadillac name, join the grid. While GM won't have its own engines ready until 2028, it may use customer engines initially. The move comes amid an anti-trust investigation into F1's rejection of Andretti by the US Department of Justice.
General Motors is advancing talks to enter Formula 1 as an 11th team by 2026, following Andretti Global's exit from the bid. Initially rejected by F1 on commercial grounds, the Andretti-led proposal is now being reconsidered with GM potentially joining under the Cadillac name. While GM won't have its own engines ready until 2028, it may use customer engines from Ferrari or Honda initially. The move comes amid an anti-trust investigation into F1's rejection of Andretti by the US Department of Justice.
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.
FIA President Ben Sulayem, who previously supported Andretti's bid to join F1 as an 11th team, now advises Michael Andretti to buy an existing team instead. This shift aligns with F1 management and Liberty Media's stance, who question the competitiveness and value of Andretti's entry. Ben Sulayem still supports expanding the grid but emphasizes quality over quantity, suggesting that Andretti and GM could bring significant value to the sport. Andretti continues to push for a 2026 entry, challenging F1's rejection on legal grounds.
FIA President Ben Sulayem, who previously supported expanding the F1 grid to 12 teams, now advises Michael Andretti to buy an existing team rather than join as an 11th team. This shift aligns with F1 management and Liberty Media's stance, who doubt Andretti's competitiveness and value as an expansion team. The change comes amid efforts to renew the Concorde Agreement and improve relations between FIA and F1's commercial rights holders.
U.S. lawmakers are pressing Formula 1 and its owner, Liberty Media, for rejecting Andretti Global's bid to join the racing series, citing potential anti-competitive behavior. The Andretti team, backed by GM and Cadillac, could boost the U.S. economy and F1's American fan base. The controversy has led to congressional inquiries and calls for antitrust investigations, with lawmakers arguing that American teams should have equal opportunities in the sport.
Mario Andretti claims that Liberty Media CEO Greg Maffei personally threatened to block Michael Andretti's attempts to enter a new team in Formula 1, despite initial approval from the FIA. The situation has drawn attention from U.S. Congress and Senators, who are calling for an investigation into the exclusion of Andretti Formula Racing from the championship series. However, a source close to Liberty Media disputes Andretti's account, suggesting he approached Maffei first.
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.
Despite F1's decision to stop using 'grid girls' after being taken over by Liberty Media, there are currently no plans to remove the umbrella-holding women from the MotoGP starting grid following Liberty's acquisition of 86% of Dorna Sports. Dorna's CEO, Carmelo Ezpeleta, emphasized the importance of freedom and stated that banning umbrella girls would be a gesture against women. While F1's move away from grid girls attracted controversy, with some former grid girls expressing their love for the job, Dorna has indicated that it has no intention of changing the tradition in MotoGP.
