Liberty Media Names Derek Chang as New President and CEO
Liberty Media has officially announced the appointment of Derek Chang as the new president and CEO of the media conglomerate, which is known for its ownership of Formula 1 (F1). Chang is set to begin his new role on February 1, 2025. Until that time, John Malone, the chairman of Liberty Media, will continue to serve in the position on an interim basis.
Chang will be taking over from Greg Maffei, who resigned in November 2023 and transitioned into an advisory role on the company’s board beginning January 1, 2024. With a wealth of experience in the global media, sports, and entertainment sectors, Chang has been a director at Liberty Media since March 2021, bringing a diverse background and deep knowledge of the industry to the role.
Before joining Liberty Media, Chang was the executive chairman of EverPass Media, a collaboration that was aligned with the National Football League (NFL). He also served as the CEO of NBA China from 2018 to 2020, where he played a key role in expanding the league’s reach in that significant market.
In a statement about his appointment, John Malone expressed his enthusiasm for bringing Chang onboard. He noted, “I am thrilled to welcome Derek as the CEO of Liberty Media. His expertise in both operating and investment roles, combined with his extensive understanding of our industries and familiarity with Liberty, make him the ideal leader for Liberty’s next chapter.” Malone, who has worked with Chang for over 25 years, praised his leadership style, breadth of expertise, and global perspective, highlighting his faith in Chang’s ability to drive shareholder value.
Derek Chang holds an MBA from Stanford University and a bachelor’s degree in history from Yale University. He has been recognized by the SportsBusiness Journal as one of the “50 Most Influential People in Sports Business,” an accolade that underscores his prominence in the industry.
“Having 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, I have long admired their track record of value creation for investors and partners,” Chang stated in a response to his appointment.
In outlining his initial priorities, Chang emphasized the importance of optimizing the portfolio structure, particularly in light of the planned split-off of Liberty Live, and further nurturing the growth of the company’s compelling operating assets, including F1 and MotoGP, post-acquisition. He expressed a commitment to maintaining the momentum of these ventures while also investing in their future success.
Chang also acknowledged the longstanding investment philosophy of Liberty Media, which has historically been both long-term in perspective and adaptable in seizing newly emerging opportunities. He assured stakeholders that this strategic duality would continue to guide Liberty’s approach moving forward.
As Chang prepares to step into his new role in early 2025, he brings with him a robust vision for Liberty Media, leveraging his extensive background to enhance shareholder value and expand the company’s reach in the media landscape. The transition follows a period of transformation within Liberty Media, marked by shifts in leadership and strategic direction.
