Billionaire John Malone resigns as chairman of Liberty Global and Liberty Media after decades shaping the global communications industry
WASHINGTON: US media and telecoms billionaire John Malone will step down as chairman of his multinational companies Liberty Global and Liberty Media.
The 84-year-old American, nicknamed the “Cable Cowboy,” has been a pioneering force in the cable television industry for decades.
Malone is renowned for his aggressive dealmaking and highly-leveraged acquisitions that helped shape modern media.
He reached the peak of his career when he sold his TCI cable group to AT&T in 1999 for 48 billion dollars.
Malone praised Liberty Global’s performance during his chairmanship, citing investments across 50 countries.
“The return to long-term shareholders has been outstanding,” Malone said in a company statement.
He will also step down as chairman at Liberty Media, which operates Formula 1 racing and MotoGP.
Malone controls approximately 49.5% of the voting power in the Formula 1 division through his shareholdings.
Through Liberty Media, he has held major stakes in companies like Warner Brothers Discovery and Lionsgate.
“Founding Liberty Media and serving as its chairman has been among the most rewarding experiences,” Malone added.
Malone will remain as a large shareholder and strategic advisor to both companies while reducing his board commitments. – AFP
