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Billionaire media mogul John Malone, the so-called “Cable Cowboy”, is stepping down as chair of his powerful empire.
Malone will stand aside in January from his roles overseeing Liberty Media, owner of Formula One, and Liberty Global, the firm behind telecommunications operator Virgin Media O2, it was announced today.
Through decades of deal-making, Malone became a groundbreaking figure in the modern telecom and TV industries, as he bought and sold a string of cable and media companies and stakes and amassed a sprawling portfolio.
“I’m stepping back a notch,” Malone told the Wall Street Journal on Wednesday, stressing that he would now focus on strategy, deal-making and being “a cheerleader for management”.
Malone does not plan to “get as involved in the operational details of these businesses”, he added. The move was first reported by the Financial Times.
He will become emeritus chair of Liberty Media and Liberty Global, the Journal reported, and remain a controlling shareholder.
In Malone’s place, Mike Fries, Liberty Global’s longtime CEO, will become chair. Robert “Dob” Bennett, a veteran executive within Malone’s orbit, will become chair of Liberty Media.
“I’m not retiring from business,” Malone said in a statement. “But I am looking to reduce travel and time commitments.”
Along with Fox’s Rupert Murdoch and Viacom founder Sumner Redstone, Malone reshaped the media landscape. His decision to step back from his business leaves the 94-year-old Murdoch as the last of his generation of media moguls to be actively involved in his media business. Redstone died, aged 97, in 2020.
Malone, 84, has a personal net worth of about $10.6bn, according to Bloomberg. Beyond his corporate roles, he is also one of the largest landowners in the US. He and his wife, Leslie, acquired about 2.2m acres (890,000 hectares) of land in the US.
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When asked about the prospect of retirement last month, he joked that he had been telling his wife he would retire since the age of 30.
“It is slow because I’ve been involved in so many things,” Malone told Bloomberg News. “To me in, uh, retirement is primarily extricating myself from the public corporate roles that I play. I have a ton of private businesses, everything from ranching, farming, forestry, multifamily, horse racing. You know, I got a lot of things that I’m still saying grace over.”
Malone planned to maintain his control over “the various enterprises from which I will be slowly leaving the boards”, he stressed.
