((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
(More details on the split)
Liberty Media FWONA.O said on Wednesday it plans to spin off its Liberty Live Group unit into a separate public entity and that its chief executive Gregory Maffei will step down at the end of 2024.
Following the spin-off, Liberty Media will own its Formula 1 and MotoGP subsidiaries, certain private assets currently allocated to Formula One Group and related sports investments.
Board Chairman John Malone will serve as interim CEO, the company said.
“Separating Liberty Live Group into a separate public entity will simplify Liberty Media's capital structure, is expected to reduce the discount to net asset value of our Liberty Live stock and improve the trading liquidity of both entities.” , Maffei said in a statement.
In 2016, Liberty Media entered into an agreement to acquire Formula One from a consortium of sellers led by CVC Capital Partners for $4.4 billion.
Immediately prior to the spin-off, Liberty's Quint subsidiary would be reallocated from the Formula One Group to the Liberty Live Group in exchange for certain private assets.
Liberty Live, the new entity, will own approximately 69.6 million shares of Live Nation Entertainment LYV.N , Quint, some private assets currently assigned to Liberty Live Group, among others.
