US media mogul John Malone to step down as head of business empire

Billionaire media and telecoms tycoon John Malone will step down as chairman of his multinational companies Liberty Global and Liberty Media after decades influencing the global communications landscape, the businesses announced Wednesday.

The 84-year-old American, nicknamed the "Cable Cowboy," is recognized as a pioneering force in the cable television industry who helped shape the trajectory of modern media through his aggressive dealmaking across the globe.

Often compared to Rupert Murdoch or Ted Turner, Malone is renowned for highly-leveraged acquisitions and for implementing complex deal-making to consolidate media assets.

Malone, who is also one of the biggest landowners in the United States, reached the height of global media business when he sold his vast TCI cable group to AT&T in 1999 in a $48 billion deal.

He praised Liberty Global's performance during his chairmanship, citing investments in cable and broadband across 50 countries and more than $200 billion in mergers and acquisitions.

Read also

AI chip giant Nvidia becomes world's first $5 trillion company

"The return to long-term shareholders has been outstanding -- and getting there has been, like the industry itself, never dull and a lot of fun," Malone said in a company statement.

He will also step down as chairman at Liberty Media, which operates Formula 1 racing, MotoGP, and Live Nation entertainment.

Malone controls approximately 49.5 percent of the voting power in the Formula 1 division through his shareholdings.

Over the years, Malone through Liberty Media has had major stakes in companies like Warner Brothers Discovery, Lionsgate, QVC, SiriusXM, and the Atlanta Braves baseball team.

"Founding Liberty Media and serving as its chairman has been among the most rewarding experiences of my professional life," Malone said.

Malone will remain as a large shareholder and strategic advisor to both companies while reducing his formal board commitments.

Source: AFP