ENGLEWOOD, Colo. - Liberty Media Corporation (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) has announced the appointment of Derek Chang as its new President and Chief Executive Officer, effective February 1, 2025. The announcement comes as the company’s stock shows strong momentum, with a remarkable 77% gain over the past six months. According to InvestingPro analysis, Liberty Media currently appears undervalued, with analysts setting a target price of $89. Chang, a seasoned executive with extensive experience in the media, sports, and entertainment sectors, will succeed John Malone, who will serve as interim CEO until Chang assumes his new role.
Chang brings a wealth of expertise to Liberty Media, drawing from leadership roles at EverPass Media, NBA China, DIRECTV, Scripps Network Interactive, and Charter Communications (NASDAQ:CHTR). As a board member since March 2021, he has a deep understanding of Liberty Media’s operations and corporate history.
John Malone, Chairman of Liberty Media, expressed confidence in Chang’s leadership, highlighting his broad expertise and global perspective. Chang echoed Malone’s sentiments, emphasizing a clear focus on optimizing the company’s portfolio and supporting the growth of its operating assets, including Formula 1 and MotoGP post-acquisition.
In his most recent position as Executive Chairman of EverPass Media, Chang co-founded a joint venture aimed at innovating the distribution of premium sports content. Although stepping down as Executive Chairman, he will continue to serve on EverPass Media’s Board.
Chang’s career milestones include spearheading the NBA’s expansion in China, leading Scripps’ international lifestyle channels, and managing content strategy and development at DIRECTV. His strategic and financial acumen were also demonstrated during his tenure at Charter Communications.
A graduate of Stanford University with an MBA and a history degree from Yale University, Chang has been recognized by Cablefax Magazine and SportsBusiness Journal for his influence in the industry. He is also a member of the Committee of 100, a Chinese American leadership organization.
At Liberty Media, Chang will join the Executive Committee of the Board alongside Malone, Vice Chairman Dob Bennett, and Chase Carey. Stefano Domenicali, President & CEO of Formula 1, will report to a committee including Bennett, Carey, and Chang.
Liberty Media Corporation is known for its ownership and interests in various media, sports, and entertainment businesses, with its subsidiaries and investments grouped under the Formula One Group and the Liberty Live Group. The company’s financial health score of 2.61 from InvestingPro indicates good overall stability, supporting its diverse portfolio strategy.
This leadership transition is based on a press release statement from Liberty Media Corporation.
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