In This Article:
A veteran media, sports and entertainment executive and Liberty Media board member, Chang will join Executive Committee of board with John Malone, Dob Bennett and Chase Carey
ENGLEWOOD, Colo., January 08, 2025--(BUSINESS WIRE)--Liberty Media Corporation ("Liberty Media") (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) today announced that Derek Chang has been appointed President and Chief Executive Officer.
Mr. Chang is a veteran executive across the global media, sports and entertainment industries. He has led operating, corporate development and investment teams at prominent companies during various stages of growth including EverPass Media, the NBA, DIRECTV, Scripps, Charter and TCI. Mr. Chang has been a director of Liberty Media since March 2021, providing a deep understanding of Liberty’s operating businesses and corporate history.
"I am thrilled to welcome Derek as the CEO of Liberty Media. His expertise in both operating and investment roles, extensive understanding of our industries and familiarity with Liberty make him the ideal leader for Liberty’s next chapter," said John Malone, Liberty Media Chairman. "Personally, I have worked with Derek for over 25 years and am consistently impressed by his leadership style, breadth of expertise and global perspective. I look forward to supporting him and the Liberty management team as they continue to drive shareholder value."
"I have had the privilege of working with John Malone and the Liberty team for many years during my time at TCI and DIRECTV and later as a board member of Starz and Liberty, and I have long admired their track record of value creation for investors and partners," said Derek Chang. "Our current focus is clear: optimizing the portfolio structure with the split-off of Liberty Live and supporting the growth of our attractive operating assets, including F1 and MotoGP post-acquisition, to continue their momentum and invest for the future. Looking further, Liberty has always been long-term minded in its investment mandate yet nimble to move quickly on new opportunities. Both of these things will remain true in our strategy going forward."
Mr. Chang will start in his new role on February 1, 2025. John Malone, Chairman of Liberty Media, will serve as interim CEO until that time. Mr. Chang will join the Executive Committee of the Liberty Media Board with John Malone, Vice Chairman Dob Bennett and Chase Carey. Additionally, Stefano Domenicali, President & CEO of Formula 1, will report to a committee of the Liberty Media board comprised of Mr. Bennett, Mr. Carey and Mr. Chang.