Largest shareholder of Live Nation liberal media Appointed Derek Chang as new president and chief executive officer.
Zhang is a senior executive in the global media, sports and entertainment industries. “He has led operations, corporate development and investment teams at well-known companies at various stages of growth, including EverPass Media, NBA, DIRECTV, Scripps, Charter and TCI,” the company noted.
Chang has served as a director of Liberty Media since March 2021.
The executive will begin his new position on February 1, 2025.
liberal media Mainly known for its stakes in three major entertainment franchises: Formula One Group (owner of many businesses responsible for promoting Formula 1 racing), satellite radio giant SiriusXMand Live Nation.
The company reported $8.95 billion revenue in 2023 and lists Live Nation as its largest single corporate asset. Liberty Media owns about one-third of Live Nation.
Zhang’s appointment follows news that Liberty Media plans to spin off its media properties. Liberty Live Group Become a separate public entity.
This reorganization will involve the transfer of its subsidiaries Quint Transfer from Formula 1 to Liberty Live Group in exchange for certain private assets, with a cash consideration to be determined based on future valuations.
After the reorganization, the new Liberty Live Inc. will control 69.6 million Shares in Live Nation as well as Quint and various other assets. At the same time, Liberty Media will retain its Formula 1 and MotoGP businesses as well as the other assets of the Formula 1 Group.
The spin-off is expected to be completed in the second half of 2025, and both companies, Liberty Media and Liberty Live, are expected to remain on the Nasdaq Global Select Market, although Liberty Live may list on the OTC Market if the following conditions are met : Necessary.
Most recently, Chang served as Executive Chairman of EverPass Media, a joint venture he co-founded with Alex Kaplan with the NFL and RedBird Capital Partners, and later with investment from TKO, to create a new platform to distribute premium sports content to commerce place.
He will step down as executive chairman but remain on the EverPass Media board while taking on his new role at Liberty.
Mr. Zhang served as CEO of NBA China from 2018 to 2020, leading the NBA’s 200 employees in offices in Beijing, Shanghai, Taipei and Hong Kong, and leading the NBA to expand its influence in the region.
Prior to that, Chang held various leadership positions at Scripps Network Interactive from 2013 to 2018, including serving as Head of International Lifestyle Channels, first in Singapore and then in London.
Prior to joining Scripps, Chang spent seven years at DIRECTV where he served as executive vice president of content strategy and development, overseeing all content acquisition and production. From 2003 to 2005, Chang served as executive vice president of finance and strategy and interim co-financial officer at Charter Communications, where he served as the primary liaison to Wall Street and managed all balance sheet, M&A and corporate strategy activities. He has also held senior management positions at YES Network and TCI Communications.
“I am pleased to welcome Derek as CEO of Liberty Media.”
John Malone, liberal media
“I am pleased to welcome Derek as CEO of Liberty Media. His operational and investment expertise, extensive knowledge of our industry and familiarity with Liberty make him the ideal leader for Liberty’s next chapter.
“Personally, I have worked with Derek for more than 25 years and have always been 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 value.
“Looking ahead, Liberty remains long-term in its investment mission while maintaining the flexibility to quickly seize new opportunities.”
Derek Zhang
Derek 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 member of the Starz and Liberty boards, and I have always admired their track record of creating value for investors and partners.
“Our current focus is clear: to optimize the portfolio structure through the divestment of Liberty Live and support the growth of our attractive operating assets, including F1 and MotoGP post-acquisition, to continue its momentum and invest for the future.
“Looking ahead, Liberty’s investment mission remains long-term while having the flexibility to quickly seize new opportunities. Both of these things will remain constant in our strategy going forward.
Zhang will join John Malone, Vice Chairman Dob Bennett and Chase Carey on the Free Press Council’s executive committee.
In addition, Formula 1 president and chief executive Stefano Domenicali will report to a Liberty Media board committee composed of Bennett, Carey and Chang.
global music business
