Liberty Media Appoints New CEO To Drive Formula 1 Growth

In one fell swoop, Liberty Media announced a new chapter for Formula 1’s commercial rights holder with the appointment of Derek Chang as its new president and chief executive officer. This strategic decision comes at a very critical period when the company is trying to build on its recent successes and drive further growth in the world of motorsport and entertainment.

A Seasoned Executive Takes the Helm

Derek Chang brings over two decades of media, sports, and entertainment experience to Liberty Media and will join effective February 1, 20258. Having led major companies such as EverPass Media, the NBA, DIRECTV, Scripps, Charter, and TCI, Chang has an enviable track record that speaks to his immense value. His appointment is not altogether a surprise given that since March 2021, he has served as a director on Liberty Media’s board and thus is hugely well-versed in the operations and corporate history.

John Malone, Liberty Media’s chairman, said, “I am very excited to welcome Derek to the role of CEO for Liberty Media. His experience both as an operator and in investment roles, deep knowledge of our businesses, and familiarity with Liberty make him uniquely qualified to lead Liberty in its next phase.” Malone, who has been acting CEO since November 2024 when Greg Maffei left his role, will continue in the position until Chang starts.

Formula 1 Enters a New Era

Chang’s appointment is coming at a very pivotal moment for Liberty Media and Formula 1. Since the acquisition of the commercial rights to F1 in 2017 for $4.6 billion, Liberty has overseen a period of significant growth and transformation for the sport. Under Liberty’s stewardship, F1 has enjoyed a remarkable resurgence, with revenues reaching $3.2 billion in 2023, marking a 25% year-over-year increase.

The new CEO joins the plane when it’s already in flight, and he is charged with maintaining the momentum while turning F1 into its next phase. As Chang explained, “Our clear focus at this time is optimization of the portfolio structure, including the split-off of Liberty Live, along with supporting such attractive operating assets as F1 and MotoGP for post-acquisition growth to continue their positive momentum and further invest for the benefit of the futures.

Strategic Focus and Growth Initiative

Under Chang’s helm, Liberty Media is likely to pursue a series of key strategic initiatives in its pursuit of continued growth and success for Formula 1:

1. Portfolio Optimization

One of the main goals announced by Chang was the optimization of Liberty Media’s portfolio structure. Among the others, the planned split-off of Liberty Live Group into a separate public entity is forecasted to simplify the capital structure of the company and probably decrease the discount to the net asset value of Liberty Live stock. In the longer term, this strategic restructuring will ultimately allow Liberty Media to focus more intently on its motorsport assets, including Formula 1 and the recently acquired MotoGP18.

2. Increasing F1’s Global Footprint

Liberty Media has been instrumental in expanding Formula 1’s global reach, particularly in the United States. The addition of races in Miami and Las Vegas has been part of a deliberate strategy to win over American fans10. Chang is likely to continue this push for global expansion, possibly considering new markets and race venues to further increase F1’s international appeal.

3. Digital Innovation and Fan Engagement

Under Liberty Media’s ownership, Formula 1 has rapidly evolved into a truly digital sport, highly focused on social media engagement, with the development and launch of F1 TV as the sport’s dedicated streaming platform. Given Chang’s history in media and entertainment, his appointment would confirm that this digital-first approach will keep on developing, entailing further changes to F1’s digital output and fan engagement mechanisms.

4. Sustainability and Social Responsibility

Under Liberty Media’s leadership, Formula 1 has been working toward becoming sustainable and socially responsible. It just released its first-ever Impact Report, outlining its commitment to net-zero carbon emissions by 203019. Chang will likely continue to prioritize these initiatives, including diversity and inclusion efforts such as the F1 Academy Discover Your Drive program and STEM Challenge Days.

Challenges and Opportunities Ahead

While the future indeed looks bright for Liberty Media and Formula 1 under Chang’s leadership, here are some of the challenges and opportunities that the new CEO will have to face:

1. MotoGP Company Acquisition and Company Integration

Then there’s Liberty Media’s purchase of MotoGP, which was announced back in April this year but has not been approved by the European Union’s antitrust department. Chang will have to take over and complete that deal before integrating MotoGP into the portfolio of Liberty, perhaps unlocking synergies between the two premier motorsport series.

2. Balance of Tradition and Innovation

As Formula 1 continues to evolve, Chang will have to balance the rich heritage of the sport with the need for innovation and modernization. This includes managing the ongoing discussions about future regulation changes, such as the proposed new power unit for 2026 that emphasizes reduced costs and sustainable fuel.

3. The Expanding American Market

While Liberty Media has made inroads within the United States, there is still more to be desired. Chang brings experience from her work with NBA China that could be beneficial in further developing F1 within the American market as it looks to find new race locations or partnerships.

4. Navigating Global Economic Uncertainties

As an international sport, Formula 1 is not immune to the fluctuating economies and geopolitical tensions. Chang will have to steer the sport through any potential economic headwinds while maintaining its growth trajectory.

The Road Ahead for Formula 1

Derek Chang’s appointment as CEO at Liberty Media ushers in a great new chapter in Formula 1. The previous executive has immense experience within both sport and entertainment, alongside his experience with the inner workings of Liberty Media, which immediately places him at a perfect juncture that could help this sport further harness growth and success times seen in the recent past.

The attention being placed on portfolio optimization, digital innovation, and global expansion rhymes quite well with the trends that have driven the recent growth of F1. Under Chang, expect this to continue in ways such as the furtherance of fan experience at the track and via digital platforms, a push to make the sport greener, and more socially responsible.

With Formula 1 reaching its 75th anniversary in 2025, it is in a very good place. Just the revenue has increased by 45% compared to last year following two high-profile races and continued success on F1 TV19. This puts Chang on very solid ground financially, combined with the sport’s growth in interest internationally.

The Legacy of Liberty Media

The appointment of Derek Chang as CEO is the latest chapter in Liberty Media’s transformative ownership of F1. Since Liberty took over ownership of the sport back in 2017, it has introduced a slew of changes to make F1 both rejuvenated and broader in its reach:

1. Social Media Revolution

One of the first things that Liberty Media did to shake things up was the revolutionary change in the social media approach to F1. Instead of putting up strict regulations on the use of original content being shared from teams and external actors, this approach has drawn fans closer to the action and given them an even better experience. And indeed it paid off: today, F1 is among the most rapidly developing sports across all social media platforms.

2. Broadcast Innovation

Liberty Media has also changed the broadcasting pattern of F1. The introduction of F1 TV gave fans their own streaming platform with access to every live race, all on-board cameras, and so much more, for the first time in history. In the US, a partnership with ESPN led to a cumulative audience increase of 58% in 2021, compared to the previous year.

3. Data-driven approach

In collaboration with Amazon Web Services, Liberty Media has pursued a data-driven strategy in its effort to improve the racing product and fan experience. With sensors installed in race tracks and cars, teams have enhanced performance analysis while at the same time opening up new content for fans via F1 TV.

4. Expansion into New Markets

Liberty Media was actively developing F1 in major markets, particularly the US. The celebrated addition of the Miami and Las Vegas races, among other content creation such as the Netflix “Drive to Survive” series, has no doubt ushered in a new generation of fans into the sport.

The Future of Formula 1 Under Chang’s Guidance

With Derek Chang at the helm of Liberty Media, the future of Formula 1 seems bright. Following are some of the key areas where we might see some development take place under his leadership:

1. Ongoing Digital Innovation

With Chang’s media and entertainment background, we would expect to further see more changes with F1’s digital products, from its enhanced F1 TV to newer forms of content creation and engaging fans innovatively through social media and other digital means.

2. F1 Expanding Calendar

While the 2025 season is already set to boast a record 24 races, there is scope for further expansion in years to come. The tricky balance between further growth and retention of the quality and exclusivity of each event is something that Chang will have to ponder.

3. MotoGP Integration

Assuming the acquisition of MotoGP is approved, Chang will oversee the integration of this premier motorcycle racing series into Liberty Media’s portfolio. This could lead to interesting synergies between F1 and MotoGP, possibly including shared events or cross-promotion opportunities.

4. Emphasis on Maintaining Sustainability

With F1 committed to reaching net-zero carbon emissions by 2030, there will likely be a continued emphasis on sustainability initiatives during Chang’s tenure. This could include further development of sustainable fuels, more eco-friendly race operations, and initiatives to raise environmental awareness among fans.

5. Improvement to Fan Experience

With Chang’s background in sports and entertainment, it would appear that developing ways to enhance the fan experience is one of the primary focuses of development. This would include innovations such as hospitality in events, fan interactive zones at races, and new ways for fans to engage with the teams and drivers.

Conclusion

Derek Chang’s appointment as the new chief executive of Formula 1’s parent company, Liberty Media, is an exciting new chapter in Formula 1. With his great experience in both sports and entertainment, together with insider knowledge of the operations of Liberty Media, he is well-equipped to add to recent successes and push the sport forward.

As F1 moves into the future under Liberty Media ownership, expect a sport that still stays close to its tradition while not lagging in innovation on and off the track. With a record-breaking calendar for the forthcoming season, growing appeal from every continent, and leading the way on a new digital platform, Formula 1 looks set for continued success over the coming years.

The challenges are huge, ranging from the fight against global economic uncertainty to balancing tradition with innovation. With Chang at the helm of affairs and Liberty Media’s strong foundations, Formula 1 looks apt to meet all these challenges and further its reputation as one of the most spectacular sporting events in the world.

Which leaves only one thing certain for the future: an increasingly exciting, dynamic world of Formula 1. With Derek Chang at the helm, Liberty Media promises to write the next chapter in this story—fans around the globe getting even more drama, innovation, and high-octane excitement in the future.