Liberty Media has announced Derek Chang as the new President and Chief Executive Officer, effective February 1, 2025. Chang is an accomplished media, sports, and entertainment executive who will join Liberty Media upon the completion of the remarkable 19-year tenure of Greg Maffei.
Derek Chang’s successful career to date
The career trajectory of Derek Chang is a testament to his expertise in media and sports. His résumé includes senior leadership roles at DIRECTV, NBA China, Scripps Networks Interactive, and EverPass Media. Chang has served as a board member at Liberty Media since 2021.
John Malone, chairman of Liberty Media, expressed confidence in Chang’s capabilities. He said, “I am thrilled to welcome Derek as the CEO of Liberty Media. 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.”
Chang in Liberty Media’s press release said, “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’s arrival marks the end of a influential chapter at Liberty Media by Greg Maffei, as he chose not to renew his contract after 2024. Maffei’s leadership steered the company through transformative milestones, most notably the acquisition of Formula 1 in 2017.
Liberty Media grew under his leadership carving out a dominant role in sports and entertainment. Now, the company is fine-tuning its focus, placing motorsports at the heart of its ambitions following the great work of Greg Maffei.
Liberty Media recently spun off Liberty Live Group. It is also working to acquire Dorna Sports, the rights holder to MotoGP, with the deal expected to cross the finish line by mid-2025 after resolving some regulatory issues.
Plan of action going forward
Chang has outlined his priorities, focusing on expanding Liberty’s motorsport heavyweights, F1 and MotoGP, to drive their next phase of growth. He said, “Our current focus is clear: optimizing 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.”
He added: “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.”
Liberty Media is aware of the increasing demand for high-quality sports content in the digital era. Chang intends to capitalize on opportunities that will extend Formula 1 and MotoGP’s digital presence, especially with short-form content designed for streaming services.
The F1 U.S. broadcast rights deal with ESPN is due to expire in 2025. Chang is likely to seek new ways to renew the deal or look for other options, as Apple too is considering bidding for the rights.
He assumes office on February 1, 2025, until then Liberty Media Chairman John Malone will assume the CEO role. At that time, Chang will join Liberty Media’s Executive Committee alongside Chairman John Malone, Vice Chairman Dob Bennett, and Chase Carey.
Stefano Domenicali, President and CEO of F1, will now report to Liberty Media’s Board’s special committee comprised of Bennett, Carey, and Chang.
