Oct 29 (Reuters) -

Cable TV pioneer 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.

The 84-year-old billionaire 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.

It was not immediately known who will succeed Malone, the FT

report added.

Liberty Global ( LBTYA ) and Liberty Media did not immediately

respond to Reuters' request for comment.

Malone, a well-known figure in the cable TV industry, is

known for his success in rolling up U.S. pay-TV businesses with

complex financial structures. He also set up the Liberty Media

empire.

He played a major role in the 2022 merger of WarnerMedia

and Discovery, which was the result of the popularity of

streaming services over cable TV that forced media companies to

rethink the future of what was once their biggest profit engine.

Malone, who was a board member at Discovery since 2008,

had continued in the role at the merged company. Warner Bros

Discovery ( WBD ) said in April he was not seeking re-election

to the board and would take on the role of chairman emeritus.

He recently oversaw Liberty Media's spin-off of certain

assets to sharpen the company's focus on its motorsports

subsidiaries, including Formula One ( FWONB ) and MotoGP, as well as

related sports investments.

Liberty Global ( LBTYA ) has a strong presence in Europe and

manages broadband, video and mobile services through brands such

as Virgin Media O2 and VodafoneZiggo.