Liberty Media appoints Derek Chang as new CEO
Today at 05:54 AM
Liberty Media – the commercial rights holder of Formula 1 – has announced the appointment of Derek Chang as its new president and CEO, effective February 1, 2025.
Chang succeeds Greg Maffei, who stepped down from the role in November 2024. Liberty Media Chairman John Malone will continue to serve as interim CEO until Chang assumes his new duties.
Chang brings a wealth of experience in global media, sports, and entertainment to the role.
Prior to joining Liberty Media as a director in March 2021, he served as executive chairman of EverPass Media, a venture in partnership with the NFL. He also held the position of CEO of NBA China from 2018 to 2020.
Chang's contributions to the industry have been recognized with his inclusion in the SportsBusiness Journal's list of the "50 Most Influential People in Sports Business."
Malone Praises Chang's Leadership
John Malone expressed confidence in Chang's appointment, highlighting their long history of collaboration and Chang's exceptional qualifications for the role.
"I am thrilled to welcome Derek as the CEO of Liberty Media," said Liberty's chairman.
"His expertise in both operating and investment roles, extensive understanding of our industries and familiarity with Liberty make him the ideal leader for Liberty's next chapter.
"Personally, I have worked with Derek for over 25 years and am consistently impressed by his leadership style, breadth of expertise and global perspective.
"I look forward to supporting him and the Liberty management team as they continue to drive shareholder value."
Chang's Vision for Liberty Media
Chang expressed his gratitude for the opportunity and outlined his vision for Liberty Media, emphasizing a clear focus on optimizing its portfolio and supporting its core assets, including Formula 1 and MotoGP.
"I have had the privilege of working with John Malone and the Liberty team for many years during my time at TCI and DIRECTV and later as a board member of Starz and Liberty, and I have long admired their track record of value creation for investors and partners," Chang stated.
"Our current focus is clear: optimising the portfolio structure with the split-off of Liberty Live and supporting the growth of our attractive operating assets, including F1 and MotoGP post-acquisition, to continue their momentum and invest for the future.
"Looking further, Liberty has always been long-term minded in its investment mandate yet nimble to move quickly on new opportunities. Both of these things will remain true in our strategy going forward."
Chang's appointment signals Liberty Media's commitment to advancing its strategic vision while continuing to capitalize on its successes in sports and entertainment.
Chang's valuable wealth of experience and leadership will guide Liberty Media through its next chapter of growth and innovation.
F1 president and CEO Stefano Domenicali will now report directly to an executive board committee at Liberty Media, led by Chang and including Chase Carey and Dob Bennett.
Liberty's MotoGP Acquisition Still Pending
Liberty Media acquired MotoGP, the premier motorcycle racing championship, in April 2024.
However, the deal, which would see Liberty acquire an 86% stake in Dorna Sports, the parent company of MotoGP, is currently under review by the European Commission.
The EC is investigating potential competition concerns, specifically examining whether the acquisition could reduce competition in the licensing of broadcasting rights between Liberty, already a dominant player in motorsport with Formula 1, and Dorna Sports.
The outcome of this investigation will determine whether Liberty Media can proceed with its acquisition of MotoGP.
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