Live Nation’s largest shareholder Liberty Media appointed Derek Chang as its new President and CEO.
Chang is a veteran executive in the global media, sports and entertainment industries. The firm noted that he “has led operations, corporate development and investment teams at prominent companies at various stages of growth, including EverPass Media, NBA, DIRECTV, Scripps, Charter and TCI.”
Chang has been a Director of Liberty Media since March 2021.
The executive director will start in his new role on February 1, 2025. John Malone, President of Liberty Media, will serve as interim CEO until then.
Liberty Media is primarily known for owning stakes in three major entertainment franchises: Formula 1 Group (owner of several businesses responsible for promoting Formula 1 races), satellite radio giant SiriusXMand Live Nation.
the company said $8.95 billion in revenue for 2023, and ranked Live Nation as its single largest corporate asset. Liberty Media owns about a third of Live Nation.
Chang’s appointment follows news that Liberty Media plans to split Liberty Live Group to a separate public body.
The restructuring will include the transfer of its subsidiary Quint from Formula 1 Group to Liberty Live Group, in exchange for certain private assets, with cash consideration to be determined based on future valuations.
After the reorganization, the new Liberty Live Inc. will check approx 69.6 million shares of Live Nation, along with Quint and various other assets. Meanwhile, Liberty Media will retain its Formula 1 and MotoGP activities, along with other elements of the Formula 1 Group.
The demerger is expected to be completed in the second half of 2025, and both companies — Liberty Media and Liberty Live — are expected to maintain their presence on the Nasdaq Global Select Market, although Liberty Live may be listed on the OTC markets as necessary.
Most recently, Chang was the Executive Chairman of EverPass Media, a joint venture he co-founded with Alex Kaplan in partnership with the NFL and RedBird Capital Partners, with subsequent investment from TKO, to create a new platform for the distribution of sports content high quality in commercial facilities.
He will step down as Executive Chairman, but will remain on the EverPass Media Board of Directors, alongside his new role at Liberty.
Chang was the CEO of NBA China from 2018 to 2020, where he spearheaded the NBA’s effort to expand its presence in the region while leading a staff of 200 people based in the NBA offices in Beijing, Shanghai, Taipei and Hong Kong.
Previously, Chang held various leadership roles at Scripps Network Interactive from 2013 to 2018, including head of International Lifestyle Channels based first in Singapore and then in London.
Prior to Scripps, Chang spent seven years at DIRECTV and served as EVP Content Strategy and Development, where he oversaw all content acquisition and production. Chang was at Charter Communications from 2003 to 2005 as EVP Finance & Strategy and Interim Co-CFO, acting as the primary contact for Wall Street and managing all balance sheet, M&A and corporate strategic activities. He also held senior management 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 expertise in both operational 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, President of Liberty Media.
“Personally, I have worked with Derek for over 25 years and have been 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 grow shareholder value.”
“Looking further, Liberty has always been long-term in its investment mandate, but nimble to move quickly into new opportunities.”
Derek Chang
Derek Chang added, “I 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 value history. creation for investors and partners.
“Our current focus is clear: optimizing the portfolio structure by demerging Liberty Live and supporting the growth of our attractive operating assets, including F1 and MotoGP post-acquisition, to continue their momentum and invest for future.
“Looking further, Liberty has always been long-term in its investment mandate, but is nimble to move quickly into new opportunities. Both of these things will remain true to our strategy going forward.”
Chang will join the Liberty Media Board Executive Committee with John Malone, Vice President Dob Bennett and Chase Carey.
In addition, Stefano Domenicali, President & CEO of Formula 1, will report to a committee of the Liberty Media board consisting of Bennett, Carey and Chang.
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