Greg Maffei Steps Down as Liberty Media CEO, Paving New Paths for F1

Greg Maffei will step down as CEO of Liberty Media at year's end, transitioning to an adviser role. Maffei played a pivotal role in acquiring Formula 1 in 2017, boosting its popularity. John Malone will become interim CEO. Liberty Media is under DOJ investigation concerning Andretti Global's bid.

Greg Maffei, the president and chief executive of Liberty Media, will step down from his role at the end of the year. This announcement follows Liberty Media's significant expansion of its motor sports portfolio with acquisitions like Formula 1 and MotoGP.

Maffei, who joined in 2017 following the takeover of F1, highlighted tremendous growth opportunities, especially after the popularity surge driven by Netflix's 'Drive To Survive'. The United States, a focal point in this expansion, now hosts three F1 races annually, with the Las Vegas Grand Prix upcoming.

Additionally, Liberty Media faces a U.S. Justice Department investigation regarding Andretti Global's potential entry into the F1 circuit. John Malone will assume interim CEO responsibilities, ensuring ongoing strategic operations and expansions.

(With inputs from agencies.)