Liberty Media Corporation, a prominent player in media, sports, and entertainment, announced a significant leadership transition on October 29, 2025. John C. Malone, the long-standing Chairman of the Board, will step down from his position effective January 1, 2026, transitioning to the role of Chairman Emeritus. This change marks the end of an era for Malone, who has been instrumental in shaping the company since its founding.

1. A Legacy of Leadership

In his statement, Malone expressed gratitude for the opportunity to lead Liberty Media, stating, "Founding Liberty Media and serving as its Chairman has been among the most rewarding experiences of my professional life." Malone highlighted the successful simplification of the company’s portfolio in recent years and noted that the company’s operating businesses are in robust positions. This transition, according to Malone, comes at an appropriate time for him to step back from certain obligations.

His successor, Robert R. “Dob” Bennett, currently the Vice Chairman, will take over as Chairman of the Board. Malone emphasized his confidence in Bennett, saying, “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.” Malone will remain active as a large shareholder and strategic advisor to the management and Board.

2. A Heartfelt Farewell

Dob Bennett expressed deep appreciation for Malone's contributions, stating, "I want to thank John for more than three decades of partnership and mentorship. His legacy as a visionary business leader is without parallel." Bennett, who has been with Liberty Media since its inception in 1991, has played a crucial role in the company’s journey, serving in various executive capacities, including as President and CEO from 1997 to 2005.

Derek Chang, President and CEO of Liberty Media, echoed this sentiment, acknowledging Malone's foundational role. "We look forward to continuing to benefit from John’s partnership as a strategic voice and advisor as we pursue long-term value creation at Liberty Media and focus on sustained growth in our high-quality portfolio of assets," Chang remarked.

3. Board Composition and Future Outlook

With Malone's resignation, the Board will comprise eight directors, five of whom will be independent. The Executive Committee will include Bennett, Chang, and Chase Carey, ensuring continuity and stability in leadership during this transitional period.

Malone's ownership stake in Liberty Media remains substantial. As of August 31, 2025, he holds 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. This represents about 49.5% of the voting power of the Formula One common stock. Additionally, he owns shares in Liberty Live common stock, representing approximately 48.9% of its voting power.

4. Upcoming Events

Liberty Media is set to host a conference call to discuss its third-quarter results on November 5, 2025, at 10:00 AM ET. Furthermore, the annual Investor Meeting will take place on November 20, 2025, with presentations available via webcast starting at approximately 12:30 PM ET. Interested participants are encouraged to visit the Liberty Media website for registration details.

5. Conclusion

The transition of John C. Malone to Chairman Emeritus signifies a pivotal moment for Liberty Media Corporation. With Robert Bennett stepping into the Chairman role, the company is poised to continue its trajectory of growth and innovation in the competitive landscape of media and entertainment. As Malone remains a strategic advisor and significant shareholder, the future looks promising for Liberty Media and its stakeholders.

Original press release