Liberty Media is spinning off most assets besides Formula One auto racing into a separate publicly traded company, called Liberty Live. CEO Greg Maffei is stepping down at year-end. The company also announced cable company Charter Communications would acquire Liberty Broadband in an all-stock transaction.

Liberty Media said it plans to spin off most of its entertainment assets besides Formula One into a separate, publicly traded entity, and announced that CEO Greg Maffei is stepping down.

(Reuters) -Formula One owner Liberty Media will sharpen its focus on its motorsports businesses by spinning off most of its other assets and said Chairman John Malone would become the interim CEO when its long-time top boss steps down at the end of 2024.