01:15 PM EST, 11/13/2024 (MT Newswires) -- Liberty Media ( LLYVB ) (LLYVA, LLYVK) announced plans on Wednesday to spin off Liberty Live Group into a separate public company while saying that long-time Chief Executive Greg Maffei will step down at the end of 2024.

Prior to the split-off, Quint would be reattributed from the Formula One Group (FWONA, FWONK) to the Liberty Live Group. Quint is a provider of ticket and hospitality packages for sports and entertainment events.

The new company -- to be called Liberty Live -- will hold 69.6 million shares of US concert promoter Live Nation Entertainment ( LYV ) and assets including Quint. After the spinoff, Liberty Media ( LLYVB ) will house its motorsports subsidiaries Formula One and MotoGP.

The move will simplify Liberty Media's ( LLYVB ) capital structure, said Maffei, who joined the company as CEO-elect in 2005. "Following the split-off, Liberty Media ( LLYVB ) will be an independent, asset-backed company holding our motorsport businesses and related sports investments," he said.

Liberty Media ( LLYVB ) expects to close the transaction in the second half of 2025.

Since acquiring Quint in 2024, Liberty Media ( LLYVB ) has "bolstered its partnership with Formula 1 and gained insights into our fans and ticket demand trends," Maffei said. "But Quint is also complementary to our interest in Live Nation, especially as Live Nation works to grow its hospitality operations."

Separately, the company announced that Maffei will step down as CEO when his contract expires at the end of this year and become a senior adviser thereafter. Chairman John Malone will become interim CEO.

"Looking ahead, I am acutely focused on rationalizing the structural discounts at Liberty Media ( LLYVB ) and growing our attractive, cash generative businesses," Malone said.

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