Liberty Media, which owns the global motor-sport juggernaut Formula One and has a stake in ticketing-and-events company Live Nation, among other holdings, tapped 56-year-old Derek Chang as its new leader, effective Feb. 1.Chang has served on Liberty's board since 2021. He first worked for Malone decades ago at TCI Communications. Chang will continue Liberty's focus on its existing businesses and will look for ways to expand Formula One and MotoGP motorcycle racing, he said.Liberty Media said in April that it was acquiring Dorna Sports, which owns the rights to MotoGP motorcycle races, a deal that is under scrutiny by European regulators.<img src="https://cdn.magzter.com/1731070667/1736406322/articles/YtGr0cNP0LlfHC96iWsys/ps-8_dWJA1736409566031.jpg" alt="image">Chang said Liberty hopes to close that deal by midyear. "We will be looking for opportunities in the sports ecosystem," Chang said.Billionaire Malone, who will turn 84 this year, oversees both Liberty Media and Liberty Global and has been simplifying his portfolio in recent months. In the fall, Liberty split off its Liberty Sirius XM Holdings into Sirius XM, an independent company, and in November longtime CEO Greg Maffei said he was stepping down.Meanwhile, Charter Communications in November agreed to acquire Malone's Liberty Broadband business. The moves raised questions among some investors about whether the company was in wind-down mode.Chang said Liberty's effort to simplify its businesses has been well-received by investors, so that strategy won't change. But the company will look to expand Formula One.Most recently, Chang was executive chair of EverPass Media, a joint venture between the NFL and private-equity firm RedBird Capital Partners, to distribute sports programming in bars and restaurants. Before that, he served as CEO of NBA China.

Liberty Media Taps Sports Vet As CEO

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