(Reuters) -Cable TV pioneer John Malone will step down as chair of Formula 1-owner Liberty Media and Liberty Global and become chairman emeritus, the companies said on Wednesday, after a career spanning decades of dealmaking.
Liberty Media Vice Chairman Robert Bennett will become chairman of the board, while Liberty Global CEO Mike Fries will take on the chair role at his company.
Malone, a well-known figure in the cable TV industry, built his empire over decades through a dealmaking blitz in the cable and pay-TV industry, earning him the nickname “Cable Cowboy.”
The 84-year-old billionaire is known for his success in rolling up U.S. pay-TV businesses with complex financial structures. He also set up the Liberty Media empire.
Malone played a major role in the 2022 merger of WarnerMedia and Discovery, which was a result of the popularity of streaming services over cable TV that forced media companies to rethink the future of what was once their biggest profit engine.
Malone, who was a board member at Discovery since 2008, continued in the role at the merged company. Warner Bros Discovery said in April he was not seeking re-election to the board and would take on the role of chairman emeritus.
He recently oversaw Liberty Media’s spin-off of certain assets to sharpen the company’s focus on its motorsports subsidiaries, including Formula One and MotoGP, as well as related sports investments.
Liberty Global has a strong presence in Europe and manages broadband, video and mobile services through brands such as Virgin Media O2 and VodafoneZiggo.
The Financial Times first reported the news earlier in the day.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Shreya Biswas)
