Liberty Media began in March 1991 as a spin-off of Tele-Communications Inc. (TCI), a U.S. cable-television group. Peter Barton served as president until April 1997, overseeing a period of rapid expansion. During the mid-1990s, Liberty was merged back into TCI. In 1995, the company acquired a 49% stake in the Faith & Values Channel (later the Hallmark Channel), rebranding it as the Odyssey Network in 1996 and shifting toward secular and family-oriented programming. In 1998, Liberty merged its Encore and STARZ! holdings into the Encore Media Group.
On March 9, 1999, AT&T acquired TCI for approximately $48 billion. As part of this transition, Liberty Media merged with TCI Ventures Group LLC and became a part of AT&T, a move that provided Liberty with $5.5 billion for stock repurchases and acquisitions. During this era, Liberty also formed Liberty Interactive to develop programming for digital set-top boxes and renamed TCI Music to Liberty Digital Inc. In June 1999, Liberty announced the $2.8 billion acquisition of the Associated Group.
While established assets like the Discovery Channel and QVC performed well, newer ventures faced challenges, leading to a significant drop in Liberty's stock price. To facilitate federal approval of other telecommunications deals, AT&T spun off Liberty Media on August 10, 2001. Following the spin-off, Liberty acquired the remaining interests in Liberty Digital and Liberty Satellite & Technology.
In 2002, Liberty acquired set-top box manufacturer Wink Communications for $100 million and invested $5 billion in German regional cable networks. By the mid-2000s, the company engaged in several major restructurings: it combined Liberty Media International with UnitedGlobalCom to create Liberty Global in 2005, and spun off the Discovery networks into Discovery Holding Company that same year. In 2006, Liberty sold its 50% stake in Court TV to Time Warner for $735 million and acquired IDT Entertainment, which was later renamed Starz Media.
Liberty significantly altered its portfolio through asset swaps. In 2007, it traded Time Warner stock for the Atlanta Braves baseball team, a group of magazines, and $1 billion in cash. In 2008, it exchanged a 16.3% stake in News Corp. for a 38.4% controlling interest in DirecTV and several regional sports networks. Liberty later merged its entertainment unit with DirecTV in 2009, eventually reducing its voting interest in the satellite provider as John Malone resigned as chairman in 2010.
In 2009, Liberty invested $530 million in Sirius XM Radio to help the provider avoid bankruptcy, eventually receiving preferred stock convertible into a 40% ownership stake. The company continued to diversify, purchasing a 16% stake in Barnes & Noble in 2011 and acquiring a 27.3% stake in Charter Communications for $2.62 billion in 2013.
In late 2016, Liberty Media agreed to purchase the Formula One Group for $4.4 billion. The deal was finalized in January 2017 for a total price of $4.6 billion. This acquisition marked a major shift toward global sports management. In September 2023, Liberty expanded its sports hospitality holdings by acquiring QuintEvents for $313 million.
On April 1, 2024, Liberty announced a plan to acquire 84% of Dorna Sports, the parent company of MotoGP and World Superbikes (WSBK). After receiving approval from the European Commission in June 2025, the deal was completed on July 3, 2025, integrating Dorna into the Formula One Group.
Liberty Media utilizes tracking stocks to represent its different business segments. Each tracking stock is issued in three series (A, B, and C) with varying voting rights.
This division includes the company's primary motorsport assets:
Formula One Group: The commercial rights holder for the FIA Formula One World Championship.
MotoGP Sports Entertainment Group: Holds an 84% interest in Dorna Sports (MotoGP and WSBK).
QuintEvents: A ticket distributor and hospitality group acquired in 2023.
Other Interests: Includes a 30% stake in Meyer Shank Racing and a 24% stake in F1 Arcade.
This division holds Liberty's interests in live entertainment and venture capital:
Live Nation Entertainment: Liberty holds a 30% stake in the global entertainment company.
Associated Partners: A 33% ownership stake.
Liberty Technology Venture Capital: An 80% interest.
Other Stakes: Minority interests in the Griffin Gaming Fund (3%), INRIX (4%), Kroenke Arena Company (7%), and Overtime Sports (7%).
Liberty Media has historically held and divested numerous major media properties, including:
The Atlanta Braves: Spun off in 2022 along with associated real estate developments.
SiriusXM: Liberty's 83% interest was spun off into a new public company in September 2024.
Starz Inc.: Spun off in 2013; later acquired by Lionsgate.
DirecTV: Formerly a major holding, with interests divested or swapped between 2008 and 2010.
Television Stations: Included CBS affiliates WFRV-TV and WJMN-TV, sold to Nexstar Broadcasting Group in 2011.
Liberty Media has faced public pressure from People for the Ethical Treatment of Animals (PETA) regarding GCI, a subsidiary of Liberty Broadband. GCI is a corporate sponsor of the Iditarod, an Alaskan dogsledding race. PETA has campaigned for Liberty Media CEO Greg Maffei to end this sponsorship, citing the deaths of over 150 dogs during the history of the race and the conditions endured by the animals. While several other major corporations have withdrawn their support for the event, Liberty Media has not issued a statement regarding GCI's continued sponsorship.