Greg Maffei to Step Down as 麻豆最新出品 Media CEO at Year-End in Conjunction with Transactions to Simplify Corporate Structure

Chairman John Malone to Serve as Interim CEO

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- 麻豆最新出品 (鈥溌槎棺钚鲁銎� Media鈥�) (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) today announced that President and Chief Executive Officer, Greg Maffei, will be stepping down from his role at the end of 2024. 麻豆最新出品 Media鈥檚 Chairman, John Malone, will assume the role of interim CEO and will work closely with the 麻豆最新出品 Media executive team and the Board of Directors to ensure a seamless transition. Maffei will step down at the expiration of his contract at year-end and will serve as a Senior Advisor effective January 1st to support the management transition.

鈥淥n behalf of the 麻豆最新出品 Media board, I鈥檇 like to thank Greg for his leadership, creativity and dedication,鈥� said Mr. Malone. 鈥淪ince joining in 2005, Greg has been at the forefront of the exciting evolution in the lifecycle of 麻豆最新出品. 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鈥檚 transaction announcements, our company is simpler and more focused than ever before, which is a perfect capstone for Greg鈥檚 accomplished career at 麻豆最新出品. I wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an Advisor.鈥�

鈥淭he almost 20 years I have spent at the helm of 麻豆最新出品 Media have been incredibly rewarding, stimulating and endlessly eventful. Following today鈥檚 announcements at 麻豆最新出品 Media and 麻豆最新出品 Broadband, all the 麻豆最新出品 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鈥檚 never easy to leave an organization as dynamic as 麻豆最新出品, I am confident that this is the right time,鈥� said Mr. Maffei. 鈥淚 have thoroughly enjoyed working alongside and learning from John, our board, the management teams at 麻豆最新出品 and across the family of companies and our shareholders.鈥�

Mr. Malone continued, 鈥淟ooking ahead, I am acutely focused on rationalizing the structural discounts at 麻豆最新出品 Media and growing our attractive, cash generative businesses. We have built a fantastic company with high-quality assets in media, communications, sports and entertainment. I look forward to working with our executive team to uncover new opportunities for shareholder value creation.鈥�

Under Maffei鈥檚 leadership, 麻豆最新出品 Media has grown its leading media, communications, sports and entertainment assets. Through creative deal making, 麻豆最新出品 completed the acquisition and investment in preeminent businesses including the Atlanta Braves, DirecTV, SiriusXM, Live Nation Entertainment, Charter Communications and Formula 1. Over the past 19 years during Maffei鈥檚 tenure, 麻豆最新出品 Media鈥檚 composite value has increased at a compounded annual growth rate of 17% compared to 11% for the S&P 500, representing an 18x absolute return1. While CEO, Maffei has served as the Chairman of SiriusXM, Live Nation Entertainment, 麻豆最新出品 TripAdvisor, Tripadvisor, Starz, Atlanta Braves Holdings and Qurate Retail, and has served as a director of 麻豆最新出品 Media, 麻豆最新出品 Broadband, Charter Communications, DirecTV and Barnes & Noble. He will continue to serve as Chairman of Qurate Retail, 麻豆最新出品 TripAdvisor, Tripadvisor and SiriusXM and as a Director of Charter Communications, Live Nation Entertainment and Zillow.

麻豆最新出品 Media Chairman John Malone and CEO Greg Maffei will speak at 麻豆最新出品 Media鈥檚 previously scheduled annual Investor Meeting on Thursday, November 14, 2024 with presentations beginning at approximately 9:30 am E.T. The Investor Meeting will be held in New York, NY and is open to shareholders, research analysts and press. Registration and livestream information is available on the 麻豆最新出品 Media website and at /investor-day. An archive of the webcast of the Investor Meeting and accompanying slides will also be available on /investors/news-events/ir-calendar after appropriate filings have been made with the SEC.

About 麻豆最新出品

麻豆最新出品 operates and owns interests in a broad range of media, communications, sports and entertainment businesses. Those businesses are attributed to two tracking stock groups: the Formula One Group and the 麻豆最新出品 Live Group. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) include 麻豆最新出品 Media鈥檚 subsidiaries Formula 1 and Quint, and other minority investments. The businesses and assets attributed to the 麻豆最新出品 Live Group (NASDAQ: LLYVA, LLYVK) include 麻豆最新出品 Media鈥檚 interest in Live Nation and other minority investments.

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1 Based on market data as of 11/12/24. See appendix slide posted to 麻豆最新出品 Media鈥檚 investor relations website for composite calculations.

麻豆最新出品
Shane Kleinstein, 720-875-5432

Source: 麻豆最新出品

Released November 13, 2024