(Reuters) -Media mogul John Malone will step down as chair of Formula 1 owner Liberty Media and Liberty Global ( LBTYA ), the Financial Times reported on Wednesday, citing two people familiar with the matter.

He will continue to invest and manage his personal venture capital portfolio as well as retain his stake in the Atlanta Braves baseball team, the report said.

Malone set up the Liberty media empire and is known for his success in rolling up U.S. pay-TV businesses with complex financial structures.