MOORESVILLE, N.C. — Greg Maffei has become the fourth senior management official to leave Liberty Media since the United States-based company acquired Formula 1 in 2017.
Maffei is the President and CEO of Liberty Media, the company that owns Formula 1. The announcement was made at a shareholders call for Liberty Media on Nov. 13.
Liberty Media’s Chairman, John Malone, will assume the role of interim CEO and will work closely with the Liberty Media executive team and the Board of Directors. Maffei will step down at the expiration of his contract at year-end and will serve as a Senior Advisor effective January 1 to support the management transition.
“On behalf of the Liberty Media board, I’d like to thank Greg for his leadership, creativity and dedication,” Malone said. “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.”
Under Maffei’s leadership, Liberty Media has grown its leading media, communications, sports and entertainment assets. Liberty completed the acquisition and investment in preeminent businesses including the Atlanta Braves, DirecTV, SiriusXM, Live Nation Entertainment, Charter Communications and Formula 1.
Over the past 19 years during Maffei’s tenure, Liberty Media’s composite value has increased at a compounded annual growth rate of 17% compared to 11% for the S&P 500, representing an 18x absolute return1. While CEO, Maffei has served as the Chairman of SiriusXM, Live Nation Entertainment, Liberty TripAdvisor, Tripadvisor, Starz, Atlanta Braves Holdings and Qurate Retail, and has served as a director of Liberty Media, Liberty Broadband, Charter Communications, DirecTV and Barnes & Noble.
He will continue to serve as Chairman of Qurate Retail, Liberty TripAdvisor, Tripadvisor and SiriusXM and as a Director of Charter Communications, Live Nation Entertainment and Zillow.
“The almost 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, stimulating and endlessly eventful,” Maffei said. “Following today’s announcements at Liberty Media and Liberty Broadband, all the Liberty acquisitions completed during my tenure are now in structures where shareholders can have more direct ownership in their upside.
“The corporate structure is optimized, and the portfolio companies are in strong positions with talented executive teams in place. While it’s never easy to leave an organization as dynamic as Liberty, I am confident that this is the right time.
“I have thoroughly enjoyed working alongside and learning from John, our board, the management teams at Liberty and across the family of companies and our shareholders.”
Malone and Maffei will speak at Liberty Media’s previously scheduled annual Investor Meeting on Thursday, November 14, with presentations beginning at approximately 9:30 a.m. E.T.
“Looking ahead, I am acutely focused on rationalizing the structural discounts at Liberty Media and growing our attractive, cash generative businesses,” Malone said. “We have built a fantastic company with high-quality assets in media, communications, sports and entertainment. I look forward to working with our executive team to uncover new opportunities for shareholder value creation.”
Liberty Media owns a financial stake in the Atlanta Braves of Major League Baseball through a separate entity known as Atlanta Braves Holding, Inc. That company split from the Atlanta Braves on July 18, 2023.
In April 2024, Liberty Media announced its plans to acquire 86 percent of Dorna Sports, the commercial rightsholder of MotoGP. After the acquisition, Liberty Media will own MotoGP, along with WorldSBK and the support classes for both series.
Liberty also owns SiriusXM Radio.
Maffei’s sudden departure comes at a key time for Formula 1 as commercial deals for each team in F-1 are being renegotiated before they experience at the end of 2025.
The United States Department of Justice is also investigating Liberty Media and Formula 1 for rejecting the entry of Andretti Global. That team is based in Indianapolis and has attempted to join Formula 1, but has faced numerous obstacles, even after following through on Formula 1 requirements.
Maffei was reportedly against including a team owned by Michael Andretti to be included in Formula 1.
Since that time, Michael Andretti has relinquished his ownership in Andretti Global, a team now wholly owned by his financial partner Dan Towriss of Group 1001 and Gainbridge.
Andretti announced his departure from Andretti Global on September 27.
The BBC reported that Maffei’s departure is not related to the “Andretti saga.”
Also, longtime F-1 attorney Sacha Woodward-Hill, considered a key ally of former F-1 boss Bernie Ecclestone, was recently removed. But Maffei is considered important in helping create a better relationship with the FIA, the governing body, after an “intervention” by Maffei with FIA President Mohammed Ben Sulayem.
The FIA president has stayed away from commercial matters within the past year following an intervention by Maffei.
His departure will focus more responsibility on F-1 president and chief executive officer Stefano Domenicali, who has run the commercial side of the sport under Maffei since 2021.
Maffei is the fourth senior executive to leave Liberty Media since it acquired F-1 in 2017.
Chase Carey, who was made chairman and chief executive when Liberty took over, stepped down at the end of 2020 after securing a restructure of the sport, handing over to Domenicali.
Former Mercedes team boss Ross Brawn, appointed managing director by Carey in 2017, left his role in 2022.
And the first commercial director Sean Bratches left in 2020. His biggest legacy was the establishment of the successful Netflix documentary series Drive to Survive, which is credited with a major role in growing F-1’s global popularity since Liberty took over.