John Malone, the 84-year-old billionaire known as the "Cable Cowboy," is stepping down as chairman of Liberty Media and Liberty Global in January.
He built a vast empire through decades of dealmaking in cable and pay-TV industries, using complex financial structures to consolidate U.S. pay-TV businesses.
Malone played a key role in the 2022 merger of WarnerMedia and Discovery, driven by the rise of streaming services challenging traditional cable profits.
He served on Discovery's board since 2008 and continued at Warner Bros. Discovery until April, when he opted not to seek re-election and became chairman emeritus.
Mike Fries, Liberty Global's longtime CEO, will assume the chairman role there.
Robert "Dob" Bennett, a veteran executive in Malone's network, will become chairman of Liberty Media.
Malone will transition to emeritus chair positions at both companies while retaining controlling shareholder status.
“I’m stepping back a notch,” Malone told the Wall Street Journal, emphasizing a focus on strategy, dealmaking, and supporting management without operational involvement.
Liberty Media recently spun off assets to concentrate on motorsports, including Formula One and MotoGP.
Liberty Global operates broadband, video, and mobile services in Europe via brands like Virgin Media O2 and VodafoneZiggo.
Malone, with a net worth of about $10.6 billion, remains one of the largest U.S. landowners, holding roughly 2.2 million acres with his wife.
He plans to reduce travel and commitments but continue overseeing private ventures in ranching, farming, forestry, multifamily housing, and horse racing.
The move leaves Rupert Murdoch as the last actively involved media mogul of their generation, following Sumner Redstone's death in 2020.