Dwell Nation’s largest shareholder Liberty Media has appointed Derek Chang as its new President and Chief Government Officer.
Chang is a veteran government throughout the worldwide media, sports activities and leisure industries. The corporate famous that “he has led working, company growth and funding groups at distinguished corporations throughout numerous phases of development together with EverPass Media, the NBA, DIRECTV, Scripps, Constitution and TCI”.
Chang has been a Director of Liberty Media since March 2021.
The exec will begin in his new function on February 1, 2025. John Malone, Chairman of Liberty Media, will function interim CEO till that point.
Liberty Media is understood primarily for proudly owning stakes in three main leisure franchises: Components One Group (proprietor of many companies chargeable for selling Components One racing), satellite tv for pc radio large SiriusXM, and Dwell Nation.
The corporate reported $8.95 billion in income for 2023, and it listed Dwell Nation as its single largest company asset. Liberty Media owns round a 3rd of Dwell Nation.
Chang’s appointment follows the information that Liberty Media is planning to separate off its Liberty Dwell Group right into a separate public entity.
The restructuring will contain the switch of its subsidiary Quint from the Components One Group to the Liberty Dwell Group, in trade for sure personal property, with money issues to be decided primarily based on future valuations.
Following the reorganization, the brand new Liberty Dwell Inc. will management about 69.6 million shares of Dwell Nation, together with Quint and numerous different property. In the meantime, Liberty Media will retain its Components 1 and MotoGP operations, alongside different Components One Group property.
The split-off is predicted to be accomplished within the second half of 2025, and each corporations — Liberty Media and Liberty Dwell — are anticipated to keep up their presence on the Nasdaq World Choose Market, though Liberty Dwell could also be quoted on the OTC Markets if obligatory.
Most lately, Chang was the Government Chairman of EverPass Media, a three way partnership he cofounded with Alex Kaplan in partnership with the NFL and RedBird Capital Companions, with a later funding from TKO, to create a brand new platform for the distribution of premium sports activities content material into industrial institutions.
He’ll step down as Government Chairman however stay on the Board of EverPass Media, alongside his new function at Liberty.
Chang was the CEO of NBA China from 2018 to 2020 the place he spearheaded the NBA’s effort to broaden its presence within the area whereas main a workers of 200 primarily based within the NBA’s Beijing, Shanghai, Taipei and Hong Kong workplaces.
Beforehand, Chang held numerous management roles at Scripps Community Interactive from 2013 to 2018, together with Head of Worldwide Way of life Channels primarily based first in Singapore after which London.
Previous to Scripps, Chang spent seven years at DIRECTV and served as EVP Content material Technique and Improvement the place he oversaw all content material acquisition and manufacturing. Chang was at Constitution Communications from 2003 to 2005 as EVP Finance & Technique and Interim Co-CFO, appearing as the first contact for Wall Avenue and managing all stability sheet, M&A and company strategic actions. He has additionally held senior government positions with the YES Community and TCI Communications.
“I’m thrilled to welcome Derek because the CEO of Liberty Media.”
John Malone, Liberty Media
“I’m thrilled to welcome Derek because the CEO of Liberty Media. His experience in each working and funding roles, intensive understanding of our industries and familiarity with Liberty make him the perfect chief for Liberty’s subsequent chapter,” stated John Malone, Liberty Media Chairman.
“Personally, I’ve labored with Derek for over 25 years and am constantly impressed by his management type, breadth of experience and world perspective. I stay up for supporting him and the Liberty administration staff as they proceed to drive shareholder worth.”
“Trying additional, Liberty has at all times been long-term minded in its funding mandate but nimble to maneuver shortly on new alternatives.”
Derek Chang
Derek Chang added: “I’ve had the privilege of working with John Malone and the Liberty staff for a few years throughout my time at TCI and DIRECTV and later as a board member of Starz and Liberty, and I’ve lengthy admired their observe document of worth creation for traders and companions.
“Our present focus is obvious: optimizing the portfolio construction with the split-off of Liberty Dwell and supporting the expansion of our engaging working property, together with F1 and MotoGP post-acquisition, to proceed their momentum and make investments for the long run.
“Trying additional, Liberty has at all times been long-term minded in its funding mandate but nimble to maneuver shortly on new alternatives. Each of these items will stay true in our technique going ahead.”
Chang will be a part of the Government Committee of the Liberty Media Board with John Malone, Vice Chairman Dob Bennett and Chase Carey.
Moreover, Stefano Domenicali, President & CEO of Components 1, will report back to a committee of the Liberty Media board comprised of Bennett, Carey, and Chang.
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