Billionaire media mogul John Malone, often referred to as the “Cable Cowboy,” will step down as chair of his extensive media empire. Malone’s resignation from his roles at Liberty Media and Liberty Global will take effect in January 2024, as announced today.
Over the years, Malone has become a pivotal figure in the telecommunications and television sectors. His career has been marked by significant deal-making, which has resulted in a vast portfolio of cable and media companies. According to the Wall Street Journal, Malone indicated that he plans to focus more on strategic oversight and foster management rather than engage in day-to-day operations, stating, “I’m stepping back a notch.”
Malone will transition to the role of emeritus chair at both Liberty Media and Liberty Global, while retaining his status as a controlling shareholder. In Malone’s absence, Mike Fries, the long-serving CEO of Liberty Global, will assume the chair position. Meanwhile, Robert “Dob” Bennett, a seasoned executive familiar with Malone’s operations, will take over as chair of Liberty Media.
“I’m not retiring from business,” Malone declared in a recent statement. “But I am looking to reduce travel and time commitments.” His decision comes at a time when he is one of the last remaining media moguls from a transformative era, alongside Rupert Murdoch, who continues to lead his media enterprises at age 94. Sumner Redstone, another influential figure in the industry, passed away in 2020 at the age of 97.
As of October 2023, Malone’s net worth is estimated at approximately $10.6 billion, according to Bloomberg. Beyond his corporate roles, he is also recognized as one of the largest private landowners in the United States, having acquired around 2.2 million acres (approximately 890,000 hectares) of land.
When asked about the prospect of retirement last month, Malone humorously noted that he has been telling his wife he would retire since he was 30. “It is slow because I’ve been involved in so many things,” he explained. “To me, retirement is primarily extricating myself from the public corporate roles that I play. I have a ton of private businesses, everything from ranching, farming, forestry, multifamily, horse racing. You know, I got a lot of things that I’m still saying grace over.”
Malone emphasized his intention to maintain control over various enterprises as he gradually steps back from board roles. His legacy in the media landscape, characterized by strategic acquisitions and a keen eye for emerging opportunities, will undoubtedly influence the industry for years to come.
