Liberty Media founder John Malone is to step down from the board of directors and transition to the role of Chairman Emeritus of Liberty Media.

Effective January 1, 2026, Malone, will step down from the board of directors while Vice Chairman Robert R. ('Dob') Bennett will assume the role of Chairman of the Board.

"Founding Liberty Media and serving as its chairman has been among the most rewarding experiences of my professional life," said Malone. "With the successful simplification of our portfolio in recent years and our operating businesses in positions of strength, I believe it is an appropriate time to step back from certain of my obligations, and I am very pleased to have Dob Bennett, my partner and colleague of 35 years, stepping into the Chairman role.

"Dob has been involved in all key decisions throughout Liberty Media's history, and I am confident that Liberty is well-positioned for the future. I look forward to remaining actively engaged as a large Liberty shareholder and a strategic advisor to our management and Board."

"I want to thank John for more than three decades of partnership and mentorship. His legacy as a visionary business leader is without parallel and I am deeply grateful for his confidence. I speak for the entire Board in thanking John for his extraordinary leadership as our chairman and for his continuing engagement as Chairman Emeritus," said Bennett.

"I share Dob's respect and appreciation for the privilege of working with John over the years and for the platform he built in Liberty," said Derek Chang, President and CEO of Liberty Media. "We look forward to continuing to benefit from John's partnership as a strategic voice and advisor as we pursue long-term value creation at Liberty Media and focus on sustained growth in our high-quality portfolio of assets."

Bennett has been Vice Chairman of the Board since January 1, 2025, a director of Liberty Media since 1994 and a member of its Executive Committee for over 15 years. He served as Liberty Media's President and Chief Executive Officer from 1997 to 2005, prior to which he held other executive roles since joining Liberty Media as one of its founding executives in 1991.

Following Malone's resignation, the Board will be composed of 8 directors effective January 1, 2026, 5 of whom will be independent. The Executive Committee of the Board will be comprised of Dob Bennett, Derek Chang and Chase Carey.

As of August 31, 2025, Malone beneficially owns approximately 241 thousand shares of Series A Formula One common stock, 2.364 million shares of Series B Formula One common stock and 2.515 million shares of Series C Formula One common stock, representing approximately 49.5% of the voting power of the Formula One common stock, as well as approximately 251 thousand shares of Series A Liberty Live common stock, 2.465 million shares of Series B Liberty Live common stock and 4.314 million shares of Series C Liberty Live common stock, representing approximately 48.9% of the voting power of the Liberty Live common stock.

Founded by Malone in 1991, Liberty Media has two divisions, represented by separate tracking stocks, reflecting its ownership stakes in the Formula One Group and Live Nation Entertainment. Currently, Liberty Media owns three global motorsport businesses in the form of Formula One, MotoGP and World Superbikes.