Liberty Media Corp. announced Wednesday it has named former Oracle Corp. president Greg Maffei chief executive officer, succeeding billionaire John Malone as planned.
Maffei joined the Douglas County-based media content provider in November as CEO-elect. Malone will remain chairman of the cable television broadcaster, Liberty said Wednesday in a statement. Liberty owns the QVC home-shopping television network and Starz pay-cable channel.
A former top dealmaker at Microsoft Corp., Maffei takes over a company with stakes in more than 30 cable networks. He’s been charged by Malone to help make acquisitions and create new tracking stocks for some businesses. Maffei, 45, said last month he expects revenue at QVC to reach almost $7 billion this year, boosted by acquisitions and Internet sales.
“The combination of Greg Maf fei and Dr. Malone appears to be putting renewed energy into Liberty,” said April Horace, a Hoefer Arnett analyst in Denver. She rates Liberty Media’s shares “strong buy” and said she doesn’t own them. “Greg seems to be a good positive for the company.”
Maffei takes over from former Liberty CEO Robert Bennett, who in August said he’d leave the company to run the spinoff Discovery Holding Co.
Liberty has agreed to purchase three companies since Maffei was hired, including Provide Commerce Inc. for $477 million in December. Provide Commerce adds flowers and meat to the goods that QVC sells online.
“We believe in the power of video to drive television and Web-based retailing businesses and Provide is a compelling addition to our strategy,” said Malone at the time of the purchase.
There are plans to expand the QVC home-shopping unit in Europe and Asia.
“There are international expansion opportunities and management is actively pursuing those,” senior vice president Mark Carleton said at a Bear Stearns conference in Palm Beach, Fla., on Wednesday. He didn’t specify the countries.
Malone may seek a more active role at Time Warner Inc. Last week, Liberty asked the U.S. Federal Trade Commission to speed up conversion of its 4 percent stake in Time Warner in order to “participate actively” in shareholder votes and actions.
