F1 News: Liberty chief Malone stepping down, would want at least $40 billion to sell F1 (Update)

John Malone is stepping aside from the Liberty Media empire he created. Malone announced Wednesday that he is stepping down as chairman of his holding companies Liberty Media and Liberty Global, effectively capping off a half-century plus career that helped create and define the modern media and telecommunications business.

Malone will shift to a new role as chairman emeritus of his companies beginning on Jan. 1. Liberty vice chairman Robert R. (“Dob”) Bennett will become chairman of Liberty Media.

“Founding Liberty Media and serving as its Chairman has been among the most rewarding experiences of my professional life,” said Malone in a statement. “With the successful simplification of our portfolio in recent years and our operating businesses in positions of strength, I believe it is an appropriate time to step back from certain of my obligations, and I am very pleased to have Dob Bennett, my partner and colleague of 35 years, stepping into the Chairman role.

“Dob has been involved in all key decisions throughout Liberty Media’s history, and I am confident that Liberty is well-positioned for the future. I look forward to remaining actively engaged as a large Liberty shareholder and a strategic advisor to our management and Board.”

(GMM) Liberty Media chairman John Malone admits he would be willing to sell Formula 1 – but only if the offer outweighed the sport’s surging value.

Speaking to Yahoo Finance executive editor Brian Sozzi on the Opening Bid Unfiltered podcast, the 84-year-old billionaire said F1 remains one of Liberty’s standout assets.

“I think the shareholders seem to love it right at the moment,” Malone said. “It’s really performing well.”

Liberty, which also acquired MotoGP earlier this year in a $4.2 billion deal, bought control of Formula One Group in late 2016 for $4.4bn. Today, the company’s share price values F1 at close to $100bn.

“It has an exceptionally good economic structure,” Malone explained. “It will be a very large free cash flow generator, and there perhaps will be incremental, synergistic add-ons. It still has a big brand to drive.”

As for selling, Malone made clear the door is not closed.

“Look, it’s a public company,” he noted. “If somebody gets carried away, and they want to buy it, and they’re willing to pay more for it than the board thinks that they can deliver to the shareholders, then we would sell it. I mean, that’s the bottom line.”

Even individual teams are reportedly now valued at over $2.3bn on average, with global interest further boosted by the success of the Brad Pitt F1 film.