At the end of the year, Liberty Media will spin off its assets and CEO Greg Maffei will step down.

• Liberty Media is separating its Formula One auto racing assets from its other holdings and forming a new publicly traded company called Liberty Live.
• CEO Greg Maffei is stepping down at year-end.
• Charter Communications will acquire Liberty Broadband in an all-stock transaction, as announced by the company.

Liberty Media announced on Wednesday that it plans to spin off its assets, excluding Formula One auto racing, into a new publicly traded company called Liberty Live. Additionally, CEO Greg Maffei will be stepping down at the end of the year.

Liberty Media's interim CEO will be Chairman John Malone, and the investor day is set for Thursday in Manhattan.

Liberty Media will retain Formula One and MotoGP after the transaction, while Liberty Live will hold approximately 69.9 million shares of Live Nation Entertainment and certain other private assets.

In September, Liberty Broadband declared its intention to merge with Charter in an all-stock transaction, with Liberty owning 26% of Charter shares.

The separation of Liberty Live Group as a public entity will simplify Liberty Media's capital structure, potentially decrease the discount to net asset value of our Liberty Live stock, and improve trading liquidity at both entities, according to Maffei in a statement.

The completion of the Liberty Media and Liberty Live split is anticipated in the second half of 2025, while the sale of Liberty Broadband to Charter is expected to occur in mid-2027.

""During my tenure at Liberty Media and Liberty Broadband, all acquisitions completed are now structured to allow shareholders greater direct ownership in their upside. Although leaving Liberty, a dynamic organization, is never easy, I am confident that this is the right time," Maffei stated in a separate release."

Since 2005, Maffei has been a member of Liberty's board of directors and holds various positions on the boards of its subsidiaries, including Charter.

Malone, a cable industry pioneer and nicknamed the "cable cowboy," has maintained his involvement in various media assets throughout the years. He has served as an independent director of Warner Bros. Discovery since its inception, providing guidance under his advisement.

Liberty Media, Liberty Broadband, and Liberty Global have a new interim CEO, who is also their chairman of the board. Notably, this individual is also an active investor and industry commentator, despite being 83 years old.

Malone is recognized for his cunning financial deals and spinning out his companies as tracking stocks.

In the 1970s, Malone founded and led the growth of the cable television company TCI. He later sold TCI to AT&T in 1999 for approximately $50 billion.

This is breaking news. Please check back for updates.