NBA China Boss Lands Liberty Media CEO Role As F1 Owners Confirm Huge Change

9 hours ago 2

Liberty Media has announced a major leadership change as Derek Chang steps in as the new President and CEO. This change takes effect in February 2025 after thriving under Greg Maffei's leadership for nearly two decades.

Maffei, who is stepped down from the role at the end of 2024, commented on his departure at the time:

"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.

"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."

Under Maffei's guidance, Liberty Media grew tremendously, acquiring influential companies like the Atlanta Braves, DirecTV, SiriusXM, Live Nation Entertainment, Charter Communications, and even Formula 1.

These acquisitions not only bolstered Liberty Media's market standing but also resulted in the company's composite value increasing at a 17% annual growth rate.

The incoming CEO, Derek Chang, brings with him a wealth of experience across media, sports, and entertainment sectors.

Before joining Liberty Media, Chang held key roles at EverPass Media, overseeing the distribution of high-profile sports events including the NFL and Premier League. He also successfully expanded the NBA's reach in China during his tenure there, making significant inroads in both Shanghai and Beijing.

Commenting on his upcoming move, Chang explained:

"I have had the privilege of working with John Malone and the Liberty team for many years during my time at TCI and DIRECTV and later as a board member of Starz and Liberty, and I have long admired their track record of value creation for investors and partners.

"Our current focus is clear: optimising the portfolio structure with the split-off of Liberty Live and supporting the growth of our attractive operating assets, including F1 and MotoGP post-acquisition, to continue their momentum and invest for the future.

"Looking further, Liberty has always been long-term minded in its investment mandate yet nimble to move quickly on new opportunities. Both of these things will remain true in our strategy going forward."

John Malone, the chairman of Liberty Media, also commented:

"I am thrilled to welcome Derek as the CEO of Liberty Media.

"His expertise in both operating and investment roles, extensive understanding of our industries and familiarity with Liberty make him the ideal leader for Liberty's next chapter.

"Personally, I have worked with Derek for over 25 years and am consistently impressed by his leadership style, breadth of expertise and global perspective. I look forward to supporting him and the Liberty management team as they continue to drive shareholder value."

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