Greg Maffei, the CEO of Liberty Media, is stepping down at the end of the year. Liberty Media confirmed the news on Wednesday morning. John Malone, the chairman, will take over as interim CEO.
Maffei has been deeply involved with Formula 1 and its current success worldwide, especially in the United States. However, his departure is not expected to affect the sport’s ownership or trajectory. The move could positively influence the tension between Liberty Media and the Andretti-Cadillac F1 team.
In May, Maffei allegedly told Mario Andretti that he would do everything in his power to prevent Michael Andretti from entering Formula 1. Neither Maffei nor Liberty Media denied the allegations. Maffei’s exit may not immediately change the course for the Andretti-Cadillac F1 team.
His replacement might not reverse his predecessor’s decisions. However, given that Maffei’s opposition to Andretti seemed personal, it is possible that Malone or the future CEO will treat the Andretti family and Andretti Global with more respect. The announcement comes after another top-level shake-up in September.
Maffei’s role in Formula 1
Michael Andretti stepped down from leading Andretti Autosport and Andretti Global. Dan Towriss, co-owner of Andretti Global and CEO of Gainbridge, is taking over Andretti’s leadership role.
Some speculated that not having Michael Andretti at the forefront could improve the team’s chances of entering F1. With Maffei gone, there is a possibility that both parties will reconvene and grant Andretti-Cadillac the entry they have long sought. Although it’s too late for the team to compete in 2025, an immediate approval could allow them enough time to prepare for the 2026 season.
Liberty Media also announced that it is spinning off most assets besides Formula One into a separate publicly traded company called Liberty Live. In addition, cable company Charter Communications will acquire Liberty Broadband in an all-stock transaction. The Liberty Media and Liberty Live split is expected to be completed in the second half of 2025.
The sale of Liberty Broadband to Charter is projected to be completed in mid-2027. Malone, known as the “cable cowboy,” has kept his hand in various media assets over the years. He is chairman of the board of Liberty Media, Liberty Broadband, and Liberty Global.
Malone’s decision to take over as interim CEO of Liberty Media demonstrates his well-known skill in financial transactions and spinning out companies into tracking stocks.
