Liberty Media’s Maffei Steps Down, Capping Two-Decades of Deals

Liberty Media Corp. Chief Executive Officer Greg Maffei will step down at the end of this year after nearly two decades of dealmaking at Chairman John Malone’s media, sports and telecom empire.

Under Maffei’s 19-year leadership, Liberty acquired and invested in businesses including the Atlanta Braves, DirecTV, SiriusXM, Live Nation Entertainment and Formula 1. The 64-year-old was considered an heir apparent to Malone, 83, a founding father of the cable-TV industry and a widely watched investor.

Malone, Liberty’s chairman, will take on the role of interim CEO, as the board and executive team searches for a permanent replacement.

Liberty ...