(Reuters) -Formula One owner Liberty Media will sharpen its focus on its motorsports businesses by spinning off most of its other assets and said Chairman John Malone would become the interim CEO when its long-time top boss steps down at the end of 2024.

Greg Maffei, who spearheaded the company's rapid expansion across the media, communications, sports and entertainment sectors during his nearly two decades at the helm, will take on a senior adviser's role, effective Jan. 1.

Separately on Wednesday, Liberty Broadband, which was spun off from Liberty Media in 2014, said it had agreed to merge with Charter Communications in an all-stock deal.

Following the spin-off, Liberty Media will primarily hold its motorsports subsidiaries Formula One and MotoGP, and other related sports investments.

It would split off unit Liberty Live Group into a separate public entity, which will own about 70 million shares in U.S. concert promoter Live Nation Entertainment, among other assets.

The new company, which will be called Liberty Live, will also own Liberty Media's ticketing and events unit Quint, along with private assets, cash and debt obligations attributed to the Liberty Live Group.

"The split-off of Liberty Live Group into a separate public entity will simplify Liberty Media's capital structure, should reduce the discount to net asset value of our Liberty Live stock and enhance trading liquidity at both entities," Liberty Media CEO Maffei said.

Liberty Media in 2016 struck a deal to buy Formula One from a consortium of sellers led by CVC Capital Partners for $4.4 billion. It bought Quint earlier this year.

Following the split, Liberty Media would no longer have a tracking stock structure. A tracking stock depends on the financial performance of the segment of the business it "tracks". They trade separately from the parent company's stock.

Liberty Media expects to complete the spin-off in the second half of 2025.

"Following today's announcements at Liberty Media and Liberty Broadband, all the Liberty acquisitions completed during my tenure are now in structures where shareholders can have more direct ownership in their upside," Maffei said.

Media mogul Malone, 83, set up the Liberty media empire and is known for his success in rolling up U.S. pay-TV businesses with complex financial structures.

TOP SHAREHOLDER

Liberty Broadband, which owns 26% of Charter on a fully diluted basis, had a market value of about $14 billion, according to LSEG data.

The Charter offer values Liberty Broadband at $13.22 billion based on terms of the transaction, according to Reuters calculations.

Liberty Broadband will spin off its GCI division to the company's shareholders prior to the closing of the Charter merger, expected to be in June 2027. GCI, an Alaskan cable operator, provides wireless, video and voice services.

"The only real question had been whether Charter would or wouldn't include GCI. Charter's investors seem to be pleased that GCI isn't included," said MoffettNathanson analyst Craig Moffett.

Liberty Broadband shares were down about 3%, while Charter rose more than 5%.

Under Maffei, Liberty Media made several acquisitions and investments including the DirecTV, SiriusXM, Live Nation Entertainment and Formula One.

(Reporting by Deborah Sophia, Harshita Mary Varghese and Arsheeya Bajwa in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila)