**Liberty Media Announces CEO Transition and Plan to Split Off Liberty Live Group**

On November 11, 2024, Liberty Media Corporation (NASDAQ: FWONA, FWONK) revealed in a recent 8-K filing to the Securities and Exchange Commission that Gregory B. Maffei, the President and Chief Executive Officer, and a member of the Board of Directors, has informed the company of his decision to step down from his roles at the end of 2024. Liberty Media’s Chairman, John C. Malone, will take over as interim Chief Executive Officer effective at that time, with Mr. Maffei transitioning to a Senior Advisor role starting January 1, 2025.

The transition was disclosed in the previously filed Proxy Statement for the 2024 Annual Meeting, providing details on Mr. Malone as required by regulatory items 401(b), (d), (e), and Item 404(a) of Regulation S-K.

Additionally, Liberty Media issued a press release on November 13, 2024, announcing Mr. Maffei’s forthcoming transition and the appointment of Mr. Malone as the interim Chief Executive Officer. The company filed this disclosure under Regulation FD Disclosure in compliance with Item 7.01.

Moreover, Liberty Media unveiled on November 13, 2024, its intention to pursue a plan to split off the Liberty Live Group through a process known as the Split-Off. This split would involve the redemption of Liberty Media’s Liberty Live common stock in exchange for equities in a newly formed entity named Liberty Live, Inc. The process, as outlined in the 8-K filing, will be subject to specific conditions, with further clarification provided in the press release attached as Exhibit 99.2.

Furthermore, Liberty Media mentioned that Liberty Live, Inc. will hold shares of Live Nation Entertainment, Inc., Quint, private assets attributed to Liberty Live Group, and certain other liabilities. Conversely, Liberty Media will retain ownership of Formula 1, MotoGP, private assets in the Formula One Group, and corresponding obligations.

This strategic business move aims to simplify Liberty Media’s capital structure, potentially reducing the discount to net asset value of Liberty Live stock and enhancing trading liquidity. The Split-Off is intended to be tax-free for Liberty Media stockholders, with an expected completion target in the second half of 2025.

Please note that all forward-looking statements in this press release are subject to inherent risks and uncertainties as detailed in Liberty Media’s periodic SEC filings, emphasizing the company’s commitment to transparency and compliance with financial regulations.END

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Formula One Group’s 8K filing here.

Formula One Group Company Profile

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.