John Malone steps down as Liberty Media chairman

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In a landmark transition for one of the world's most influential media conglomerates, John Malone, the American billionaire cable pioneer, announced that he will relinquish his role as chairman of Liberty Media at the beginning of next year.

The media empire, which holds the commercial rights to Formula 1 and recently expanded into MotoGP, will see Malone, 84, succeeded by longtime associate Robert R. "Dob" Bennett.

Malone, who built his fortune transforming the cable television landscape in the U.S., will assume the honorary title of chairman emeritus. His departure marks the end of an era defined by aggressive expansion into global sports entertainment

A Decade of Motorsports Dominance

Liberty Media's foray into motor sports began with the 2017 acquisition of Formula 1, following a deal struck the prior year with CVC Capital, Grand prix racing’s previous owner.

Under Malone's stewardship, the series experienced explosive growth, fueled by enhanced broadcasting strategies and the cultural phenomenon of the Netflix docuseries Drive to Survive.

Liberty further solidified its position in motorsports with the recent acquisition of Dorna, the parent entity overseeing MotoGP and related championships, after securing European Commission approval.

These moves have positioned the group as a dominant force in premium live sports content.

Malone founded Liberty Media as a spin-off from Tele-Communications Inc. (TCI), the cable giant he helped propel to prominence during the 1970s and 1980s.

“Founding Liberty Media and serving as its chairman has been among the most rewarding experiences of my professional life,” said the billionaire in a statement released on Wednesday.

“With the successful simplification of our portfolio in recent years and our operating businesses in positions of strength, I believe it is an appropriate time to step back from certain of my obligations, and I am very pleased to have Dob Bennett, my partner and colleague of 35 years, stepping into the chairman role."

“Dob has been involved in all key decisions throughout Liberty Media’s history, and I am confident that Liberty is well-positioned for the future. I look forward to remaining actively engaged as a large Liberty shareholder and a strategic advisor to our management and board.”

Succession and Legacy

Bennett, a Liberty Media board member since 1994 and former president and CEO from 1997 to 2005, will join an executive committee alongside current president and CEO Derek Chang and ex-Formula 1 chief Chase Carey.

Malone's exit from Liberty Global, the broader entity encompassing these assets, accompanies the Liberty Media transition.

Derek Chang, Liberty Media President and CEO with Robert R. 'Dob' Bennett, John Malone's successor as Chairman of the Board of Liberty Media.

“I want to thank John for more than three decades of partnership and mentorship," said Bennett. "His legacy as a visionary business leader is without parallel and I am deeply grateful for his confidence.

“I speak for the entire board in thanking John for his extraordinary leadership as our chairman and for his continuing engagement as chairman emeritus."

The leadership change comes amid a streamlined corporate structure, ensuring continuity in Liberty's ambitious push to capitalize on the surging global appetite for motorsports.

Malone's ongoing involvement as a major stakeholder clearly signals sustained confidence in the company's trajectory under new guidance.

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.