Liberty Media to spin off assets; CEO Greg Maffei to step down at year-end

John Malone, Liberty Media

Scott Eells | Bloomberg | Getty Images

Liberty Media announced Wednesday it’s spinning off most assets besides Formula One auto racing into a separate publicly traded company, called Liberty Live, and that CEO Greg Maffei is stepping down at year-end.

Chairman John Malone will become interim CEO of Liberty Media. Maffei has been part of Liberty since 2005 and has various positions on boards of the company’s assets, including cable company Charter Communications.

Liberty Live will hold roughly 69.9 million shares of Live Nation Entertainment, Quint and certain other private assets, according to a release.

Liberty Media’s investor day is set to take place on Thursday in Manhattan.

This is breaking news. Please check back for updates.

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