(Reuters) -Cable TV pioneer John Malone will step down as chair of Formula 1 owner Liberty Media and Liberty Global, the Financial Times reported on Wednesday, citing two people familiar with the matter.
The 84-year-old billionaire will continue to invest and manage his personal venture capital portfolio as well as retain his stake in the Atlanta Braves baseball team, the report said.
It was not immediately known who will succeed Malone, the FT report added.
Liberty Global and Liberty Media did not
immediately respond to Reuters' request for comment.
Malone, a well-known figure in the cable TV industry, is known for his success in rolling up U.S. pay-TV businesses with complex financial structures. He also set up the Liberty Media empire.
He played a major role in the 2022 merger of WarnerMedia and Discovery, which was the result of the popularity of streaming services over cable TV that forced media companies to rethink the future of what was once their biggest profit engine.
Malone, who was a board member at Discovery since 2008, had continued in the role at the merged company. Warner Bros Discovery said in April he was not seeking re-election to the board and would take on the role of chairman emeritus.
He recently oversaw Liberty Media's spin-off of certain assets to sharpen the company's focus on its motorsports subsidiaries, including Formula One and MotoGP, as well as related sports investments.
Liberty Global has a strong presence in Europe and manages broadband, video and mobile services through brands such as Virgin Media O2 and VodafoneZiggo.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Shreya Biswas)
