Liberty Media announced plans on Wednesday to spin off Liberty Live Group into a separate public company while indicating that long-time Chief Executive Greg Maffei will step down at the end of 2024. Before the split-off, Quint will be reattributed from the Formula One Group to the Liberty Live Group.
Quint serves as a provider of ticket and hospitality packages for sports and entertainment events. The new entity, to be named Liberty Live, will hold 69.6 million shares of US concert promoter Live Nation Entertainment and assets including Quint. Following the spinoff, Liberty Media will retain its motorsports subsidiaries Formula One and MotoGP. This strategic move aims to simplify Liberty Media's capital structure, as explained by Maffei, who joined the company as CEO-elect in 2005.
"Following the split-off, Liberty Media will be an independent, asset-backed company holding our motorsport businesses and related sports investments," he stated. Liberty Media anticipates completing the transaction in the second half of 2025. Having acquired Quint in 2024, Liberty Media has strengthened its partnership with Formula 1 and has gained valuable insights into fan engagement and ticket demand trends.
Maffei remarked, "Quint is also complementary to our interest in Live Nation, particularly as Live Nation expands its hospitality operations." In a separate announcement, Maffei will resign as CEO when his contract concludes at the end of this year and will transition to a senior adviser role. Chairman John Malone will temporarily assume the position of CEO. "Looking ahead, I am acutely focused on rationalizing the structural discounts at Liberty Media and capitalizing on our attractive, cash-generative businesses," Malone conveyed..