Liberty Media has promoted Derek Chang as its President and Chief Executive Officer in full-time role and successor of Greg Maffei.
After Liberty Media announced the departure of Maffei from the President and CEO role, it appointed John Malone as the interim head and part of the executive board. He will retain the role until February 1 of 2025, when Chang will takeover in a full-time capacity to take things forward.
It is a promotion of sorts for Chang, who has been the board member at Liberty Media since 2021. He comes from the background of global media, sports and entertainment industries. He will also be part of the Executive Committee board along with Malone, Dob Bennett and Chase Carey.
In addition, F1 chief Stefano Domenicali will report to a committee of Chang, Malone and Bennett. “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,” said Malone.
“Personally, I have worked with Derek for over 25 years and am consistently impressed by his leadership style, breadth of expertise and global perspective. I look forward to supporting him and the Liberty management team as they continue to drive shareholder value.”
And Chang added: “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.
“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. 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.”
Additional information from Liberty Media (as in the press release) –
Most recently, Mr. Chang was the Executive Chairman of EverPass Media, a joint venture he cofounded with Alex Kaplan in partnership with the NFL and RedBird Capital Partners, with a later investment from TKO, to create a new platform for the distribution of premium sports content into commercial establishments. He will be stepping down as Executive Chairman but remain on the Board of EverPass Media coincident with the assumption of his new role at Liberty.
Mr. Chang was the CEO of NBA China from 2018 to 2020 where he spearheaded the NBA’s effort to expand its presence as the preeminent foreign sports league in the region while leading a staff of 200 based in the NBA’s Beijing, Shanghai, Taipei and Hong Kong offices. Previously, Mr. Chang held various leadership roles at Scripps Network Interactive from 2013 to 2018, including Head of International Lifestyle Channels based first in Singapore and then London.
Prior to Scripps, Chang spent 7 years at DIRECTV and served as EVP Content Strategy and Development where he oversaw all content acquisition and production. Chang was at Charter Communications from 2003 to 2005 as EVP Finance & Strategy and Interim Co-CFO, acting as the primary contact for Wall Street and managing all balance sheet, M&A and corporate strategic activities. He has also held senior executive positions with the YES Network and TCI Communications.
Mr. Chang holds an MBA from Stanford University and a bachelor’s degree in history from Yale University. He was named one of Cablefax Magazine’s “Top 100 Executives in Cable” and one of the “50 Most Influential People in Sports Business” by SportsBusiness Journal. Mr. Chang is also a member of the prominent Chinese American group, Committee of 100 (“C100”), and is on the Advisory Board of Row New York.
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