Malone to Step Down as Liberty Media Chair in Landmark Succession for Formula One Owner

John C. Malone, the formidable 84-year-old billionaire known as the "Cable Cowboy," will step down as Chairman of Liberty Media, the company he founded and which owns the Formula One Group, in a move signaling a new era for the motorsport empire he dramatically revitalized. The company announced on October 29, 2025, that effective January 1, 2026, Malone will transition to the honorary role of Chairman Emeritus.

He will be succeeded by Robert "Dob" Bennett, a founding executive of Liberty Media and a close colleague of Malone's for 35 years. The planned succession is designed to ensure strategic continuity after a period of explosive growth for Formula One under Liberty's stewardship.

Malone's decision marks the culmination of a stunningly successful turnaround. Citing the "successful simplification of our portfolio" and with operating businesses like Formula One in "positions of strength," Malone stated it was an "appropriate time to step back from certain of my obligations". This transition is not a sudden departure but a calculated handover, executed to reassure investors and partners that the company's direction remains unchanged. The company's filings explicitly noted the decision was "not due to any disagreement".

When Liberty Media acquired Formula One in 2017, Malone famously viewed the global racing series as a "fixer-upper". At the time, the sport was highly profitable but was stagnating, failing to connect with younger, digital-native audiences. Applying his career-defining business doctrine—prioritizing long-term value and cash flow over short-term earnings—Malone's team transformed the asset.

Liberty Media's strategy revolutionized Formula One's commercial appeal. It aggressively expanded the sport's digital footprint with a vibrant social media presence and the F1 TV streaming service. The Netflix docuseries Drive to Survive, attracted millions of new fans, particularly in the U.S. market. This was complemented by adding high-profile American races in Miami and Las Vegas and implementing a budget cap to improve on-track competition and boost team valuations.

While Malone is stepping back from the head of the boardroom table, his influence remains immense. As Chairman Emeritus, he will continue to serve as a strategic advisor. More critically, he retains his status as a major shareholder, beneficially owning shares that represent approximately 49.5% of the voting power of the Formula One Group. This ensures that while he has delegated daily oversight, his foundational vision is protected by a de facto veto over any major strategic shift.

With the turnaround complete, the focus for the new leadership shifts from revitalization to management. The immediate challenge will be to apply the successful Formula One playbook to its latest major acquisition, MotoGP, further cementing Liberty's dominance in global motorsport.