F1 owners confirm new president and CEO

Liberty Media has announced Derek Chang has been appointed president and CEO of the media conglomerate, which owns F1.

He will assume his duties on 1st February 2025, with Liberty Media chairman John Malone continuing to serve in the position on an interim basis until that point.

Chang will formally succeed Greg Maffei, who stepped down in November last year and as of 1st January holds an advisory role on the company's board.

With extensive experience in global media, sports and entertainment, Chang has been a director at Liberty Media since March 2021.

Prior to that, he was executive chairman of EverPass Media, a venture that was in partnership with the NFL. Chang was also CEO of NBA China from 2018 to 2020.

"I am thrilled to welcome Derek as the CEO of Liberty Media," said Malone. "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."

"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."

Holding an MBA from Stanford University and a bachelor's degree in history from Yale University, Chang was named one of the "50 Most Influential People in Sports Business" by the SportsBusiness Journal.

"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," Chang said upon confirmation of his new appointment.

"Our current focus is clear: optimising 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."