(Bloomberg) -- Liberty Media Corp. Chief Executive Officer Greg Maffei will step down at the end of this year after nearly two decades of dealmaking at Chairman John Malone’s media, sports and telecom empire.

Most Read from Bloomberg

• Under Trump, Prepare for New US Transportation Priorities

• Zimbabwe City of 700,000 at Risk of Running Dry by Year-End

• Saudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency Sace

• The Urban-Rural Divide Over Highway Expansion and Emissions

• Arizona Elections Signal Robust Immigration Enforcement Under Trump

Under Maffei’s 19-year leadership, Liberty acquired and invested in businesses including the Atlanta Braves, DirecTV, SiriusXM, Live Nation Entertainment and Formula 1. The 64-year-old was considered an heir apparent to Malone, 83, a founding father of the cable-TV industry and a widely watched investor.

Malone, Liberty’s chairman, will take on the role of interim CEO, as the board and executive team searches for a permanent replacement.

Liberty has announced a series of changes to its famously complicated organization in recent months, as it looked to address stock declines and simplify share ownership. Maffei’s announcement Wednesday coincided with an agreement in which Charter Communications Inc. will acquire Liberty Broadband Corp. in an all-stock transaction that will unite two of Malone’s key holdings.

Liberty also said it plans to split off the Liberty Live Group into a separate public entity that would contain 69.6 million shares of Live Nation Entertainment Inc. and Quint, which offers ticket and hospitality packages to sports and entertainment events. Liberty Media will be an independent company that includes holdings in Formula 1 and MotoGP.

“Our company is simpler and more focused than ever before, which is a perfect capstone for Greg’s accomplished career at Liberty,” Malone said in a statement.

“Malone has been more aggressive in simplifying structures over the last year, not just at Maffei-related companies but at Liberty Global,” said Chris Marangi, co-chief investment officer of value at Gabelli Funds, which holds Liberty Media shares.

In September, Malone restructured another of his investments, Sirius XM Holdings Inc. Under that deal, Sirius became an independent public company separate from Liberty Media.

Liberty Broadband revealed plans in September to merge with Charter, one of the top pay-TV providers in the US.

The announcement Wednesday consolidates two public companies in which Malone has significant interests. He holds a 49% voting stake in Liberty Broadband. Liberty in turn has a 26% interest in Charter on a fully diluted basis, according to Charter officials, and also operates an Alaskan telecom company, GCI. Liberty Broadband will spin off its GCI business via a distribution to stockholders before the acquisition by Charter closes. The transaction is expected to close on June 30, 2027, subject to the GCI spin-off and other customary closing conditions.