Liberty Media sharpens F1 focus with spinoff as Malone set to take driver's seat

:Formula One owner Liberty Media will sharpen its focus on its motorsports businesses by spinning off most of its other assets and said Chairman John Malone would become the interim CEO when its long-time top boss steps down at the end of 2024.

Greg Maffei, who spearheaded the company's rapid expansion across the media, communications, sports and entertainment sectors during his nearly two decades at the helm, will take on a senior adviser's role, effective Jan. 1.

Separately on Wednesday, Liberty Broadband, which was spun off from Liberty Media in 2014, said it had agreed to merge with Charter Communications in an all-stock deal.

Following the spin-off, Liberty Media will primarily hold its motorsports subsidiaries Formula One and MotoGP, and other related sports investments.

It would split off unit Liberty Live Group into a separate public entity, which will own about 70 million shares in U.S. concert promoter Live Nation Entertainment, among other assets.

The new company, which will be called Liberty Live, will also own Liberty Media's ticketing and events unit Quint, along with private assets, cash and debt obligations attributed to the Liberty Live Group.

"The split-off of Liberty Live Group into a separate public entity will simplify Liberty Media's capital structure, should reduce the discount to net asset value of our Liberty Live stock and enhance trading liquidity at both entities," Liberty Media CEO Maffei said.

Liberty Media in 2016 struck a deal to buy Formula One from a consortium of sellers led by CVC Capital Partners for $4.4 billion. It bought Quint earlier this year.

Following the split, Liberty Media would no longer have a tracking stock structure. A tracking stock depends on the financial performance of