John Malone, the veteran media billionaire referred to as the “cable cowboy,” is stepping down as chairman of Liberty Media (LLYVK). This ends greater than three many years on the helm of the corporate he helped construct right into a sprawling media empire.
Malone, 84, will transition to chairman emeritus, efficient Jan. 1 2026. Vice chairman Robert R. “Dob” Bennett will assume the function of chairman, based on an organization assertion.
“Founding Liberty Media and serving as its Chairman has been among the many most rewarding experiences of my skilled life,” Malone stated within the assertion. “With the profitable simplification of our portfolio in recent times and our working companies in positions of power, I imagine it’s an acceptable time to step again from sure of my obligations.”
Shares of Liberty Media slipped in Wednesday buying and selling, although the inventory is up over 34% yr thus far and greater than 54% over the previous 12 months.
Malone, who constructed cable big Tele-Communications, Inc. (TCI) within the Seventies by way of the Nineteen Nineties earlier than promoting it to AT&T (T) for greater than $50 billion in 1999, went on to develop into the driving pressure behind Liberty Media, whose crown jewel right this moment is System One (FWONK).
Through the years, Malone has been recognized for his distinct business-style, outlined by aggressive deal-making, advanced share buildings, and buying high-profile media belongings.
He stays a big Liberty shareholder and can function a strategic advisor to the administration staff and board, per the corporate assertion.
In a September interview, Malone supplied his long-term view on media consolidation.
“I feel there will be loads of consolidation,” he instructed Yahoo Finance Government Editor Brian Sozzi on the Opening Bid podcast. “If I had, my guess, we haven’t even seen the final massive spherical but, as a result of I feel social networking ultimately additionally turns into streaming leisure.”
On the time, Malone was selling a brand new e-book, “Born to Be Wired,” detailing his many years in media, together with his self-styled persona because the “cable cowboy.” The e-book highlights his early years constructing TCI, navigating regulatory hurdles, and ultimately reshaping the enterprise of System One.
Bennett, who has been with Liberty Media since its founding in 1991, has served as vice chairman since January 2025 and was beforehand the corporate’s president and CEO from 1997 to 2005.
“I wish to thank John for greater than three many years of partnership and mentorship,” Bennett stated. “His legacy as a visionary enterprise chief is with out parallel and I’m deeply grateful for his confidence.”
