The director of Liberty Media, Greg Maffei, is going to leave his position
The President and Chief Executive Officer (CEO) of Liberty Media, owner of Formula 1 since 2017, Greg Maffei, will leave his position at the end of the year. He is replaced by John Malone on an interim basis before finding a long-term replacement. No impact on F1 is expected.
Greg Maffei, an emblematic figure of Liberty Media for nearly two decades, is preparing to step down as CEO at the end of 2024. This announcement marks the end of an era for a company that has become increasingly important in the field of media, communications, but also in sports, notably by becoming the owner of Formula 1 and then MotoGP.
With his departure, John Malone, the current president of Liberty Media, will take over as interim CEO. This change in leadership comes as Liberty Media completes a simplification of its corporate structure, a process initiated under Maffei’s supervision, and will allow shareholders to access the value of its subsidiaries more directly.
Under Maffei’s direction, Liberty Media has firmly established itself in various sectors by making significant acquisitions, including the acquisition of Formula 1 in 2017, for 4.4 billion dollars.
This acquisition has transformed the landscape of motorsport by modernizing its management and adapting its aging economic model under the Bernie Ecclestone era to attract a wider audience, notably through digital initiatives and content strategies aimed at winning over younger generations through social networks. Liberty Media, through Maffei’s management, has brought a new dynamic to Formula 1 by investing in broadcasting platforms and supporting projects like the series “Drive to Survive” on Netflix. These strategies have helped make this iconic sport more accessible and attractive, while strengthening its international image.
Maffei’s influence on Formula 1 is not limited to media aspects. Under his leadership, Liberty Media has managed to reposition the discipline to make it a business model focused on engaging fans and global expansion. It is no coincidence that since Liberty Media’s arrival, Formula 1 has seen its calendar expand to include circuits in strategic regions such as the Middle East, the United States, and soon Las Vegas. The growth in the popularity of F1 in the United States, a market that has long been difficult to conquer, is concrete evidence of this, with spectacular events and enhanced partnerships with American broadcasters. Maffei has been able to harness the prestige of the sport to make it a leading media and financial product, while also valuing historical circuits and maintaining a subtle balance between tradition and modernity.
The departure of Maffei marks a period of uncertainty, but also of renewal for Liberty Media, which will have to continue on this path without the one who led the company masterfully. As interim CEO, John Malone stated his intention to streamline structural discounts at Liberty Media and to grow our attractive, cash-generating businesses. These statements demonstrate a willingness to continue Maffei’s work while seeking to strengthen Liberty Media’s position in its various sectors. The impact of this change in direction on Formula 1 remains to be seen, but the strong foundation established by Maffei, combined with new growth prospects, should allow the sport to continue its business transformation.
