"Malone will stand aside in January from his roles overseeing Liberty Media, owner of Formula One, and Liberty Global, the firm behind telecommunications operator Virgin Media O2, it was announced today. Through decades of deal-making, Malone became a groundbreaking figure in the modern telecom and TV industries, as he bought and sold a string of cable and media companies and stakes and amassed a sprawling portfolio."
"I'm stepping back a notch, Malone told the Wall Street Journal on Wednesday, stressing that he would now focus on strategy, deal-making and being a cheerleader for management. Malone does not plan to get as involved in the operational details of these businesses, he added. The move was first reported by the Financial Times. He will become emeritus chair of Liberty Media and Liberty Global, the Journal reported, and remain a controlling shareholder."
John Malone will step down as chair of Liberty Media and Liberty Global in January and become emeritus chair while remaining a controlling shareholder. Malone will focus on strategy, deal-making and supporting management, and will reduce travel and operational involvement. Mike Fries will replace him as chair of Liberty Global and Robert Dob Bennett will become chair of Liberty Media. Malone built a significant portfolio across telecom and TV through decades of deal-making, reshaping the media landscape alongside peers like Rupert Murdoch and Sumner Redstone. Malone, 84, has an estimated net worth of about $10.6bn and owns roughly 2.2 million acres of US land with his wife Leslie.
Read at www.theguardian.com
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