Liberty Media simplifies its structure. The company that owns Formula 1 and is in the process of acquiring MotoGP has announced organizational changes, so will split its business and create an independent entertainment division called Liberty Liveas confirmed in a statement.
Liberty Live will be in charge of the management and organization of concerts and events from the promoter Live Nation. In addition, it will add QuintEvents, currently under the umbrella of Formula One Group.
Following the split of the conglomerate, all of Liberty Media’s shareholders will receive shares of the new Liberty Live. It is estimated that the formalization of the division of the company will take place during the first quarter of 2025.
Thus, Liberty Media will control the sports area and will have the Formula 1 and MotoGP competitions, as well as the Atlanta Braves, under its umbrella.a militant franchise in Major League Baseball (MLB).
The objective is “to help simplify the structure of the company and ensure that the shares of each group reflect their real value and improve commercial liquidity in both entities, explains the until now CEO and president of Liberty Media, Greg Maffei.
Liberty Media will have Formula 1, MotoGP and Atlanta Braves under its direct control
Maffei will leave his current position as a result of this restructuring. Liberty CEO John C. Malone will succeed him on an interim basis and will work closely with Liberty Media’s executive team.
“Following today’s announcements at Liberty Media and Liberty Broadband, all Liberty acquisitions completed during my tenure are now in structures where shareholders can have more direct participation in its benefits,” the letter reads.
“The corporate structure is optimized and the portfolio companies are in strong positions with talented executive teams. While it is never easy to leave an organization as dynamic as Liberty, I am confident that this is the right time,” said Maffei.
Liberty Media has recorded a turnover until September of 7,625 million dollarscompared to 6,579 million in the same period of the previous year. The company explains that “in the third quarter, $3 million of general and administrative expenses (including stock-based compensation expenses) were allocated to the Liberty Live Group.”
Finally, the conglomerate explains that “there have been no repurchases of Liberty Media common shares between August 1 and October 31, 2024; “The total remaining buyback authorization for Liberty Media as of November 1, 2024 is $1.1 billion.”
