Exhibit 99.1
Greg Maffei to Step Down as Â鶹app Media CEO at Year-End
in Conjunction with Transactions to Simplify Corporate Structure
Chairman John Malone to Serve as Interim CEO
ENGLEWOOD, Colo. – Â鶹app (“Â鶹app Media”) (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. Â鶹app Media’s Chairman, John Malone, will assume the role of interim CEO and will work closely with the Â鶹app 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.
“On behalf of the Â鶹app Media board, I’d like to thank Greg for his leadership, creativity and dedication,” said Mr. Malone. “Since joining in 2005, Greg has been at the forefront of the exciting evolution in the lifecycle of Â鶹app. 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’s transaction announcements, our company is simpler and more focused than ever before, which is a perfect capstone for Greg’s accomplished career at Â鶹app. I wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an Advisor.”
“The almost 20 years I have spent at the helm of Â鶹app Media have been incredibly rewarding, stimulating and endlessly eventful. Following today’s announcements at Â鶹app Media and Â鶹app Broadband, all the Â鶹app 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 Â鶹app, I am confident that this is the right time,” said Mr. Maffei. “I have thoroughly enjoyed working alongside and learning from John, our board, the management teams at Â鶹app and across the family of companies and our shareholders.”
Mr. Malone continued, “Looking ahead, I am acutely focused on rationalizing the structural discounts at Â鶹app 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.”
Under Maffei’s leadership, Â鶹app Media has grown its leading media, communications, sports and entertainment assets. Through creative deal making, Â鶹app 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’s tenure, Â鶹app Media’s 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, Â鶹app TripAdvisor, Tripadvisor, Starz, Atlanta Braves Holdings and Qurate Retail, and has served as a director of Â鶹app Media, Â鶹app Broadband, Charter Communications, DirecTV and Barnes & Noble. He will continue to serve as Chairman of Qurate Retail, Â鶹app TripAdvisor, Tripadvisor and SiriusXM and as a Director of Charter Communications, Live Nation Entertainment and Zillow.
Â鶹app Media Chairman John Malone and CEO Greg Maffei will speak at Â鶹app Media’s 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 Â鶹app 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 Â鶹app
Â鶹app 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 Â鶹app Live Group. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) include Â鶹app Media’s subsidiaries Formula 1 and Quint, and other minority investments. The businesses and assets attributed to the Â鶹app Live Group (NASDAQ: LLYVA, LLYVK) include Â鶹app Media’s interest in Live Nation and other minority investments.
Â鶹app
Media Corporation
Shane Kleinstein, 720-875-5432
1 Based on market data as of 11/12/24. See appendix slide posted to Â鶹app Media’s investor relations website for composite calculations.