ENGLEWOOD, Colo. (CelebrityAccess) — Liberty Media Corporation announced that it has launched a plan to spin their Live Group, including its stake in Live Nation, into a standalone public company to be known as Liberty Live, Inc.
Following the proposed split, the new company would will hold approximately 69.6 million shares of Live Nation Entertainment, Inc., accounting for roughly a 30% stake in the company. The spin-off company would also hold Quint, certain private assets currently attributed to Liberty Live Group, corporate cash and debt obligations attributed to the Liberty Live Group.
“The split-off of Liberty Live Group into a separate public entity will simplify Liberty Media’s capital structure, should reduce the discount to net asset value of our Liberty Live stock and enhance trading liquidity at both entities. Following the split-off, Liberty Media will be an independent, asset-backed company holding our motorsport businesses and related sports investments,” said Greg Maffei, Liberty Media President and CEO. “Since acquiring Quint in January 2024, we have bolstered its partnership with Formula 1 and gained insights into our fans and ticket demand trends, but Quint is also complementary to our interest in Live Nation, especially as Live Nation works to grow its hospitality operations. Quint can continue to enhance its partnership with F1 and MotoGP in this new ownership structure while having the opportunity to expand its offering to additional partners.”
Following the split, Liberty Media will retain ownership of its Formula 1 and MotoGP subsidiaries along with certain private assets currently attributed to Formula One Group, corporate cash and debt obligations attributed to the Formula One Group, along with other assets.
The proposed split is subject to a variety of conditions before closing, including securing approval from shareholders.
Additionally, Liberty Media announced that after 19 years, President and Chief Executive Officer, Greg Maffei, will be stepping down from his role at the end of 2024.
Following his exit, Liberty Media’s Chairman, John Malone, will step into the leadership role as interim CEO and work with the company’s board to ensure a smooth transition.
“On behalf of the Liberty Media board, I’d like to thank Greg for his leadership, creativity and dedication,” said Mr. Malone. “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.”
“The almost 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, stimulating and endlessly eventful. 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,” said Mr. Maffei. “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.”
