Long-serving Liberty Media CEO and President Greg Maffei has announced his decision to step down from his leadership role by the end of 2024.
The change which was confirmed by the F1 owner and commercial rights holder on November 13, 2024, marks the conclusion of nearly two decades of transformative leadership under Maffei who has been instrumental in shaping the company’s trajectory since he joined in 2005.
Following his departure, Liberty Media chairman John Malone will step in as interim CEO while Greg Maffei transitions to a senior advisory role to assist during this significant leadership change.
The American’s tenure as Liberty Media CEO has been characterized by strategic acquisitions and innovative initiatives that have significantly elevated the company’s profile in the global entertainment landscape.
Maffei’s most notable achievement came in early 2017 when the American corporation completed F1 ownership acquisition from Bernie Ecclestone, a move that many analysts believe was pivotal in revitalizing the sport.
Under Greg Maffei’s stewardship, Formula 1 has seen a remarkable surge in popularity, particularly in North America. This growth can be largely attributed to the success of the Netflix series “Formula 1: Drive to Survive,” which has introduced the sport to a new generation of fans and expanded its reach beyond traditional motorsport audiences.
Reflecting on his nearly twenty years at Liberty Media, the 64-year old expressed gratitude for the opportunities he has had while leading the company.
“The almost 20 years I have spent at the helm as Liberty Media CEO have been incredibly rewarding, stimulating and endlessly eventful,” Greg Maffei said.
“Following today’s announcements at Liberty Media and Liberty Broadband, all the Liberty acquisitions completed during my tenure are now in structures where shareholders can have more direct ownership in their upside.
“The corporate structure is optimized, and the portfolio companies are in strong positions with talented executive teams in place. While it’s never easy to leave an organization as dynamic as Liberty, I am confident that this is the right time.
“I have thoroughly enjoyed working alongside and learning from John, our board, the management teams at Liberty and across the family of companies and our shareholders.”
John Malone’s appointment as interim Liberty Media CEO comes at a critical time for both the company and F1. Malone is known for his extensive experience in media and telecommunications and is expected to provide stability during this transitional phase.
He praised Greg Maffei for his leadership and creativity over the years, noting that he had been at the forefront of Liberty’s evolution and had significantly improved shareholder value.
“On behalf of the Liberty Media board, I’d like to thank Greg for his leadership, creativity and dedication,” John Malone said. “Since joining in 2005, Greg has been at the forefront of the exciting evolution in the lifecycle of Liberty.
“He has grown our asset base and made the company better and more valuable for shareholders, along the way overseeing as many as five separate public companies simultaneously.
“Especially following today’s transaction announcements, our company is simpler and more focused than ever before, which is a perfect capstone for Greg’s accomplished career at Liberty.
“I wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an Advisor.”
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Maffei’s departure comes amid a backdrop of ongoing challenges for Formula 1. The sport is currently navigating negotiations to renew commercial agreements that link teams to F1 with existing contracts set to expire at the end of 2025.
While this situation has created tensions within F1 Management—a subsidiary of Liberty—insiders have indicated that these issues are not directly tied to Maffei’s decision to leave.
The implications of Greg Maffei’s departure extend beyond immediate operational concerns; they also raise questions about the future direction of Formula 1 under new leadership. Stefano Domenicali, F1’s president and CEO since 2021, is likely to assume greater responsibility for commercial operations as he continues to manage these aspects under Malone’s guidance.
The transition comes at a time when Formula 1 is poised for further growth, particularly with upcoming races such as the Las Vegas Grand Prix, which reflects increasing interest in motorsport across North America.
In addition to overseeing Formula 1’s expansion into new markets, the former Liberty Media CEO has also been involved in broadening ‘s portfolio through other acquisitions.
Earlier this year, it was announced that Liberty would acquire MotoGP for approximately $4.5 billion, further solidifying its presence in both two-wheeled and four-wheeled motorsports. This strategic move indicates the company’s commitment to diversifying its interests within the racing industry.
