New Leadership at Liberty Media
Live Nation's largest shareholder Liberty Media has appointed Derek Chang as its new president and chief executive officer.
Chang is a seasoned global media, sports and entertainment executive. The company noted that “he has led operations, corporate development and investment teams at prominent companies in various stages of growth, including EverPass Media, NBA, DIRECTV, Scripps, Charter and TCI.”
Chang has served as a director of Liberty Media since March 2021.
The Executive Director will begin his new role on 1 February 2025. Until then, Liberty Media Chairman John Malone will serve as interim CEO.
Liberty Media’s Key Holdings
Liberty Media is best known for owning stakes in three major entertainment franchises: Formula 1 group (which oversees various businesses responsible for promoting Formula 1 racing), satellite radio giant SiriusXM, and Live Nation.
Company reported $8.95 billion revenue for 2023, and lists Live Nation as its largest corporate asset. Liberty Media owns about a third of Live Nation.
Chang's appointment follows news that Liberty Media plans to spin off its company, Liberty Live Group, into a separate entity.
The restructuring will include the transfer of a subsidiary, Quint, from the Formula 1 Group to the Liberty Live Group in exchange for certain private assets, with the cash consideration to be determined based on future valuations.
Following the reorganization, the new Liberty Live Inc. will control about 69.6 million Live Nation shares, as well as Quint and various other assets. Meanwhile, Liberty Media will retain its Formula 1 and MotoGP operations, along with other Formula 1 Group assets.
The separation is expected to be finalized in the second half of 2025, and both companies—Liberty Media and Liberty Live—will maintain their presence on the Nasdaq Global Select Market, although Liberty Live may be listed on over-the-counter markets if necessary.
Background of Derek Chang
Chang most recently served as executive chairman of EverPass Media, a joint venture he founded with Alex Kaplan in partnership with the NFL and RedBird Capital Partners, with subsequent investment from TKO to create a new platform for distributing premium sports content to commercial institutions.
He will step down as executive chairman but will remain on the EverPass Media board of directors along with his new role at Liberty.
Chang was CEO of NBA China from 2018 to 2020, where he led the NBA's efforts to expand its presence in the region while overseeing a staff of 200 across the NBA's Beijing, Shanghai, Taipei, and Hong Kong offices.
Chang previously held various leadership roles at Scripps Network Interactive from 2013 to 2018, including heading up its international lifestyle channels, first in Singapore and then in London.
Prior to joining Scripps, Chang spent seven years at DIRECTV and served as executive vice president of content strategy and development, overseeing all content acquisitions and production. He also worked for Charter Communications from 2003 to 2005 as executive vice president of finance and strategy and interim co-chief financial officer, managing all corporate strategic activities and serving as Wall Street's primary contact. Additionally, he has held leadership positions at YES Network and TCI Communications.
“I am thrilled to welcome Derek as CEO of Liberty Media.”
John Malone, Liberty Media
“I am thrilled to welcome Derek as CEO of Liberty Media. His experience in both operations and investments, deep understanding of our industries, and familiarity with Liberty make him the ideal leader for Liberty’s next chapter,” said John Malone, Chairman of Liberty Media.
“I have personally worked with Derek for over 25 years and am continually impressed by his leadership style, breadth of knowledge, and global perspective. I look forward to supporting him and Liberty’s management team as they continue to drive shareholder value.”
“Looking further, Liberty has always had a long-term focus in its investment mandate, but has been flexible to quickly seize new opportunities.”
Derek Chang
Derek Chang added: “I have had the honor of working with John Malone and the Liberty team for many years, during my tenure at TCI and DIRECTV, and later as a board member of Starz and Liberty, and have long admired their valuable track record of creation for investors and partners.
“Our current focus is clear: optimizing our portfolio structure through the demerger of Liberty Live and supporting the growth of our attractive operating assets, including F1 and MotoGP following the acquisition, to continue their momentum and invest in the future.
“Looking further, Liberty has always had a long-term focus in its investment mandate, but has been nimble to quickly seize new opportunities. Both of these things will remain true in our strategy going forward.”
Chung will serve on the executive committee of the Liberty Media Board along with John Malone, Vice Chairman Dob Bennett and Chase Carey.
In addition, Stefano Domenicali, President and CEO of Formula 1, will report to a committee of the Liberty Media board of directors, which includes Bennett, Carey, and Chang.
