Cable Cowboy rides off: John Malone steps down as Liberty Media chairman

John Malone, the veteran media billionaire known as the "cable cowboy," is stepping down as chairman of Liberty Media (LLYVK). This ends more than three decades at the helm of the company he helped build into a sprawling media empire.

Malone, 84, will transition to chairman emeritus, effective Jan. 1 2026. Vice chairman Robert R. "Dob" Bennett will assume the role of chairman, according to a company statement.

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

Shares of Liberty Media slipped in Wednesday trading, though the stock is up over 34% year to date and more than 54% over the past 12 months.

Malone, who built cable giant Tele-Communications, Inc. (TCI) in the 1970s through the 1990s before selling it to AT&T (T) for more than $50 billion in 1999, went on to become the driving force behind Liberty Media, whose crown jewel today is Formula One (FWONK).

Over the years, Malone has been known for his distinct business-style, defined by aggressive deal-making, complex share structures, and acquiring high-profile media assets.

He remains a large Liberty shareholder and will serve as a strategic advisor to the management team and board, per the company statement.Chairman of Liberty Media Corp. John Malone (L) talks with Microsoft's former chief technology officer Nathan Myhrvold (C) and Liberty Media's CEO Greg Maffei as they leave the second session of the Allen and Co. conference at Sun Valley Resort in Idaho July 12, 2007. REUTERS/Rick Wilking (UNITED STATES)·Reuters / Reuters

In a September interview, Malone offered his long-term view on media consolidation.

"I think there'll be a lot of consolidation," he told Yahoo Finance Executive Editor Brian Sozzi on the Opening Bid podcast. “If I had, my guess, we haven’t even seen the last big round yet, because I think social networking eventually also becomes streaming entertainment.”

At the time, Malone was promoting a new book, "Born to Be Wired," detailing his decades in media, including his self-styled persona as the “cable cowboy.” The book highlights his early years building TCI, navigating regulatory hurdles, and eventually reshaping the business of Formula One.

Bennett, who has been with Liberty Media since its founding in 1991, has served as vice chairman since January 2025 and was previously the company's president and CEO from 1997 to 2005.

"I want to thank John for more than three decades of partnership and mentorship," Bennett said. "His legacy as a visionary business leader is without parallel and I am deeply grateful for his confidence."

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Investors, however, may question whether Malone's departure signals any near-term disruption. While the company's portfolio has simplified in recent years, it still spans multiple industries, including stakes in Live Nation Entertainment (LYV) and ticket provider QuintEvents.

After Malone exits, the board will consist of eight directors, five of whom will remain independent, according to Liberty Media.

Francisco Velasquez is a Reporter at Yahoo Finance. He can be reached on LinkedIn and X, or via email at [email protected].

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