Inside The Rise Of Liberty Media, The World’s Most Valuable Sports Empire
From Live Nation to Formula One and MotoGP, Liberty Media is a multibillion-dollar entertainment powerhouse.
(Danilo Di Giovanni/Getty Images)
According to Forbes magazine, Liberty Media Corporation, founded in its original incarnation by John C. Malone in 1991, now represents the world’s most valuable empire in sports, with its diverse portfolio of holdings in the category, amongst them Formula One, valued at a total of $18.22 billion. In its most recent full-year earnings report (as of press time), Liberty stated that revenue at its Formula One Group alone had jumped from $2.6 billion in 2022 to $3.2 billion in 2023.
The 2024 F1 Grand Prix of Monaco took place last May in Monte Carlo, Monaco From the 1970s to the ’90s, Malone built up cable TV firm TCI as right-hand man to founder Bob Magness, becoming the CEO of the company in 1973 at just 32 years old; he sold the firm to AT&T in 1999 for more than $50 billion. Today the businessman, philanthropist and property mogul—he’s the nation’s second-biggest individual landowner, with more than two million acres across seven states—now has an estimated net worth of $10.8 billion according to Forbes. And while cable’s fortunes can be said to have waxed and waned over time, Malone and Liberty have pivoted to other realms; in addition to the sports portfolio, its holdings also include entertainment giant Live Nation.
In 2017, Liberty Media entered a new era when it bought Formula One, followed by this year’s announcement that it intends to complete an acquisition of MotoGP by the end of 2024. This past summer Malone doubled down on motorsports when Liberty Global, a separate publicly traded company he also leads, said it was in the process of acquiring Warner Bros. Discovery’s 25 percent stake of the Formula E racing circuit, which hosts electric-car races in cities around the world. When the deal is finalized, Liberty Global will own 65 percent of Formula E.
“Formula E has a massive potential for further growth while integrating the most advanced sustainability standards in sports,” as Liberty Global CEO Mike Fries told “The Hollywood Reporter.” “The investment continues our approach of disciplined capital rotation across our Ventures portfolio and our strategy of making longterm investments in highly attractive businesses.”
(Mark Thompson/Getty Images)
Last April Liberty Media had already enhanced its sports property portfolio by purchasing the exclusive commercial rights holder to the MotoGP World Championship, the premier global motorcycle racing series. The total acquisition was for 86 percent of MotoGP at $4.4 billion and an equity value of $3.8 billion, according to “Forbes.” “The acquisition comes after Liberty purchased Formula One in 2017 and the Atlanta Braves of Major League Baseball in 2007,” the magazine noted. Liberty is also the promoter of the Las Vegas Grand Prix, which was reestablished in 2023.
“This is the perfect next step in the evolution of MotoGP, and we are excited for what this milestone brings [to] MotoGP paddock and racing fans,” said Carmelo Ezpeleta, who has been CEO of MotoGP rights holder Dorna Sports since 1994.“ We are proud of the global sport we’ve grown, and this transaction is a testament to the value of the sport today and its growth potential. Liberty has an incredible track record in developing sports assets and we could not wish for a better partner to expand MotoGP’s fan base around the world.”
Greg Maffei, Liberty Media president and CEO, declared, according to “Forbes,” “We are thrilled to expand our portfolio of leading live sports and entertainment assets with the acquisition of MotoGP. MotoGP is a global league with a loyal, enthusiastic fan base, captivating racing and a highly cash flow–generative financial profile. Carmelo and his management team have built a great sporting spectacle that we can expand to a wider global audience. The business has significant upside, and we intend to grow the sport for MotoGP fans, teams, commercial partners and our shareholders.”
Claudio Domenicali (no relation to Stefano Domenicali, president and CEO of Formula One), CEO of Ducati and therefore one of the most important people in the world of motorcycle racing—in 2020 the Italian brand celebrated its 50th overall MotoGP since 2003—told Bloomberg’s “Hot Pursuit!” podcast that he was “megahappy” about Liberty Media’s MotoGP acquisition, calling it a “fantastic opportunity” for Ducati. “The potential of a sport that is so spectacular, like MotoGP in the U.S., is dramatic,” he enthused, adding, “The benefit for Ducati in the U.S. is in growing above and beyond just the community of hard-core bikers and getting wider.”
And in an interview with CNBC, Maffei noted that F1 had only one Grand Prix race in the U.S. when Liberty assumed control, and now has three—in Miami, Las Vegas and Austin, Texas. “MotoGP currently has one U.S. race on a 21-round calendar that includes Asia and the Middle East but with a European heartland dominated by Spain and Italy,” as Reuters reported. “We believe there is a broad market for sports and entertainment properties, of which both F1 and MotoGP are only a small subset, and that the market has continued to change from the time when this was previously reviewed in a major way,” Maffei told analysts on a conference call, said the news outlet.
“Liberty Media has already revitalized the formerly sleepy Formula One demographic by developing smart social media campaigns and the well-known Netflix ‘Drive to Survive’ series,” “Bloomberg” noted on the occasion of Claudio Domenicali’s benediction. “Its experience could provide a significant boost for MotoGP.” And F1 analyst Vincenzo Landino summed it up thusly: “The integration of Liberty Media’s expertise in fan engagement and commercialization with MotoGP’s rich competitive landscape…bodes well for the future of motorsports.”
In 2020 under Liberty Media’s ownership of Formula One, former Scuderia Ferrari Team Principal Stefano Domenicali, who also served as CEO of Lamborghini, was announced to be joining the company as president and CEO, signaling Liberty’s intent to take F1 to the next level, with former F1 chairman and CEO Chase Carey moving to the role of non-executive chairman. While welcoming Domenicali, Maffei commended Carey on a job well done, commenting, “Chase has done a phenomenal job leading F1. He assembled a first-class commercial and sporting organization that has a long list of achievements…. His actions have reinforced F1 as the pinnacle of motorsport.”
Domenicali has been hard at work building on Carey’s legacy. Regarding the next year’s racing season, Domenicali says that, “2025 will be a special year as we celebrate the 75th anniversary of the FIA Formula One World Championship, and it’s that legacy and experience that allows us to deliver such a strong calendar. Once again, we’ll visit 24 incredible venues around the world, delivering topclass racing, hospitality and entertainment.” In addition, he earlier announced that the Spanish capital Madrid will join the Grand Prix calendar from 2026, after agreeing to a 10-year deal to host an event at a newly constructed track.
Obviously business is very good for Liberty Media. But Malone isn’t solely focused on building his financial empire; philanthropy is seemingly just as important. “Malone and his wife have donated millions to charitable organizations, including large bequests to his alma maters Yale and Johns Hopkins, among others; their family foundation supports scholarships at 50 private schools nationwide,” as Maxim reported in 2019. “Land conservation is also a major area of interest, and the Malones plan to leave most of their wealth to philanthropic causes.”
Read This Next
