Liberty Media to Spin Off Assets, CEO Greg Maffei to Step Down

Liberty Media, the media and entertainment conglomerate, has announced plans to spin off its assets into three separate tracking stocks.

The spin-offs will include Liberty SiriusXM (LSXM), which will hold Liberty Media's 72% stake in satellite radio provider Sirius XM. Liberty Braves Group (LBRDA) will hold the company's 33% stake in the Atlanta Braves baseball team. Liberty Formula One Group (FWONA) will hold Liberty Media's 33% stake in Formula One Group.

The spin-offs are expected to be completed by the end of the year, and each tracking stock will be listed on the Nasdaq stock exchange.

Liberty Media CEO Greg Maffei will step down from his role at the end of the year. He will be succeeded by John Malone, Chairman of the Board. Malone will take over interim CEO responsibilities until a permanent replacement is named.

The spin-offs are part of Liberty Media's plan to simplify its corporate structure and focus on its core businesses.

The company has been under pressure from investors to improve its performance, and the spin-offs are expected to help the company unlock value and improve its financial flexibility. The spin-offs will also allow each tracking stock to be more independently focused on its particular market.

In addition to the spin-offs, Liberty Media also announced that it would be selling its stake in Live Nation Entertainment (LYV).

The sale of Live Nation is expected to close in the second half of the year. Liberty Media acquired Live Nation in 2010 in a deal valued at $2.7 billion. The sale of Live Nation is part of Liberty Media's plan to focus on its core businesses.

The spin-offs and the sale of Live Nation are significant moves for Liberty Media.

The company is hoping that the changes will help it improve its performance and create value for shareholders. The spin-offs will also give investors more flexibility in how they invest in Liberty Media's assets.