Liberty Media Corporation board chairman John Malone will step down from his role and transition to chairman emeritus starting in 2026.
“Founding Liberty Media and serving as its Chairman has been among the most rewarding experiences of my professional life,” Malone said in a statement. “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.”
Malone will be succeeded by Liberty’s current vice chairman Robert R. Bennett, but will still remain actively engaged in the company as a major shareholder and strategic advisor.
“I am very pleased to have Dob Bennett, my partner and colleague of 35 years, stepping into the Chairman role,” Malone added. “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.”
Liberty Media operates and owns interests in Formula One Group and Liberty Live Group, which includes Formlua 1, MotoGP, Quint, Liberty Media’s interest in Live Nation and other minority investments.
As of Aug. 31, Malone owned approximately 241,000 shares of Series A Formula One common stock, 2.364 million shares of Series B Formula One common stock and 2.515 million shares of Series C Formula One common stock, representing approximately 49.5% of the company’s voting power.
He also has approximately 251,000 shares of Series A Liberty Live common stock, 2.465 million shares of Series B Liberty Live common stock and 4.314 million shares of Series C Liberty Live common stock, representing approximately 48.9% of the company’s voting power.
In addition to serving as chairman emeritus of Liberty Media, Malone was also named chairman emeritus of Warner Bros. Discovery in April. He’s also director emeritus of Liberty Latin America and chairman emeritus of CableLabs.
Bennett has served as vice chairman since January 1, 2025, a director of Liberty Media since 1994 and a member of its executive committee for over 15 years. He also served as Liberty Media’s president and CEO from 1997 to 2005, prior to which he held other executive roles since joining Liberty Media as one of its founding executives in 1991.
Following Malone’s resignation, the board will be composed of eight directors, five of whom will be independent. In addition to Bennett, the executive committee of the board will include Derek Chang and Chase Carey.
The shakeup comes as LibertyMedia is set to report its earnings results for the third quarter of 2025 on Nov. 5. It will also hold its annual investor meeting on Nov. 20 and a special meeting of stockholders to consider and vote on a proposed deal to separate Liberty Live Group into a separate public company, Liberty Live Holdings, Inc.
