Liberty Media Swaps Malone's Super Voting Shares
The share exchange reduces founder John Malone's voting power in Liberty Media from 48% to 3% following unsolicited offers for his stake.
Updated on Nov. 5, 2026 in Motorsports
Liberty Media acquired all super voting Series B common stock held by founder John Malone in exchange for low and no-vote shares. The transaction followed unsolicited third-party offers for Malone's stake and lowers his voting power from 48% to 3%.
Why it matters
The deal aligns Malone's voting control with his economic ownership and avoids a significant voting position passing to an outside party that other shareholders would not share in. For U.S. investors in Formula 1 and MotoGP parent Liberty Media, it reshapes who controls the company's direction.
Malone's voting power drops from 48% to 3% through the swap, and no holder of Liberty Media common stock now controls more than 9% of votes. The offers Malone received remain undisclosed, and Liberty Media declined to share their terms.
The players
John Malone
Founder of Liberty Media and a prominent American cable industry pioneer, who will step down as chairman emeritus and remain a senior advisor.
Liberty Media
A U.S. media company whose main assets include the Formula 1 and MotoGP racing series.
Chase Carey
Former Formula 1 chief executive who chairs the Special Committee that explored the transaction.
Derek Chang
Chief executive of Liberty Media who declined to provide details on the unsolicited offers.
The details
Malone and Liberty Media began discussing the transaction after Malone received unsolicited offers for his shares. A Special Committee chaired by Chase Carey explored the deal, and Liberty Media acquired the Series B stock in exchange for low and no-vote shares. Malone will step down as chairman emeritus and remain a senior advisor.
Timeline
1999: Malone founded Liberty Media.
November 5, 2026: Liberty Media announced the share swap and a rights plan.
November 2027: The rights plan expires.
Market Landscape
The transaction moves Liberty Media away from the dual-class model many U.S. media companies have used to keep founders in control. Reducing Malone's voting power to 3% signals a shift toward broader institutional ownership in the company's shares.
Formula 1 and MotoGP fans are unlikely to see immediate changes to race schedules or broadcasts from this governance shift. The swap affects who controls Liberty Media's ownership, not the day-to-day operation of its racing series.
The takeaway
Ownership changes at a company that controls major racing series can reshape long-term strategy even when race-day operations stay the same. Watch for shareholder and governance filings from Liberty Media as the rights plan runs through 2027.
What happens next
The rights plan remains in effect through November 2027, when it expires.
Further reading
Explore more Motorsports coverage tied to Liberty Media's racing holdings in the United States.
