Live Nation’s largest shareholder Liberty Media has appointed Derek Chang as its new President and Chief Executive Officer.
Chang is a veteran executive across the global media, sports and entertainment industries. The company noted that “he has led operating, corporate development and investment teams at prominent companies during various stages of growth including EverPass Media, the NBA, DIRECTV, Scripps, Charter and TCI”.
Chang has been a Director of Liberty Media since March 2021.
The exec will start in his new role on February 1, 2025. John Malone, Chairman of Liberty Media, will serve as interim CEO until that time.
Liberty Media is known primarily for owning stakes in three major entertainment franchises: Formula One Group (owner of many businesses responsible for promoting Formula One racing), satellite radio giant SiriusXM, and Live Nation.
The company reported $8.95 billion in revenue for 2023, and it listed Live Nation as its single largest corporate asset. Liberty Media owns around a third of Live Nation.
Chang’s appointment follows the news that Liberty Media is planning to split off its Liberty Live Group into a separate public entity.
The restructuring will involve the transfer of its subsidiary Quint from the Formula One Group to the Liberty Live Group, in exchange for certain private assets, with cash considerations to be determined based on future valuations.
Following the reorganization, the new Liberty Live Inc. will control about 69.6 million shares of Live Nation, along with Quint and various other assets. Meanwhile, Liberty Media will retain its Formula 1 and MotoGP operations, alongside other Formula One Group assets.
The split-off is expected to be completed in the second half of 2025, and both companies — Liberty Media and Liberty Live — are expected to maintain their presence on the Nasdaq Global Select Market, although Liberty Live may be quoted on the OTC Markets if necessary.
Most recently, 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 step down as Executive Chairman but remain on the Board of EverPass Media, alongside his new role at Liberty.
Chang was the CEO of NBA China from 2018 to 2020 where he spearheaded the NBA’s effort to expand its presence in the region while leading a staff of 200 based in the NBA’s Beijing, Shanghai, Taipei and Hong Kong offices.
Previously, 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 seven 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.
“I am thrilled to welcome Derek as the CEO of Liberty Media.”
John Malone, Liberty Media
“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 John Malone, Liberty Media Chairman.
“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.”
“Looking further, Liberty has always been long-term minded in its investment mandate yet nimble to move quickly on new opportunities.”
Derek Chang
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 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.”
Chang will join the Executive Committee of the Liberty Media Board with John Malone, Vice Chairman Dob Bennett and Chase Carey.
Additionally, Stefano Domenicali, President & CEO of Formula 1, will report to a committee of the Liberty Media board comprised of Bennett, Carey, and Chang.
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