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Liberty Media is spinning off most assets besides Formula One auto racing into a separate publicly traded company, called Liberty Live.
CEO Greg Maffei is stepping down at year-end.
The company also announced cable company Charter Communications would acquire Liberty Broadband in an all-stock transaction.

Liberty Media announced Wednesday that it’s spinning off most assets besides Formula One auto racing into a separate publicly traded company, called Liberty Live, and that CEO Greg Maffei is stepping down at year-end.
Chairman John Malone will become interim CEO of Liberty Media. Liberty Media’s investor day is set to take place on Thursday in Manhattan.

While the 83-year-old Malone will once again take the reigns as CEO, the moves simplify his empire and continue a wind down for Liberty, said Chris Marangi, Co-CIO of Value at Gabelli Funds.
“Malone has accelerated the surfacing and simplification of value,” said Marangi in an interview. “Liberty has come a long way in the 20-plus years that it’s been a standalone entity. It’s created enormous shareholder value. We’re in the final act.”
After the split, Liberty Media will hold Formula One, which Liberty acquired in 2016 and later spun out as a tracking stock, and MotoGP, upon the closing of that transaction. Liberty Live will hold roughly 69.9 million shares of Live Nation Entertainment, sports experiences provider Quint and certain other assets, according to a release.
The company also announced cable giant Charter Communications would acquire Liberty Broadband in an all-stock transaction. In September, Liberty Broadband went public with its aspirations to merge with Charter, in a move to simplify Malone’s portfolio. Liberty Broadband owns 26% of Charter shares.
The Liberty Media and Liberty Live split is expected to be completed in the second half of 2025, and the sale of Liberty Broadband to Charter is projected to be completed in mid-2027.

“The split-off of Liberty Live Group into a separate public entity will simplify Liberty Media’s capital structure, should reduce the discount to net asset value of our Liberty Live stock and enhance trading liquidity at both entities,” Maffei said in a release.
“Following today’s announcements at Liberty Media and Liberty Broadband, all the Liberty acquisitions completed during my tenure are now in structures where shareholders can have more direct ownership in their upside,” Maffei said in a separate release. “While it’s never easy to leave an organization as dynamic as Liberty, I am confident that this is the right time.”
Maffei has been part of Liberty since 2005 and has various positions on boards of the company’s assets, including Charter.
Malone is a pioneer of the cable industry, long known as the “cable cowboy,” and has kept his hand in various media assets over the years. He’s been an independent director of Warner Bros. Discovery — initially through Discovery, before the company merged with Warner Bros., under his advisement.
He’s chairman of the board of Liberty Media, Liberty Broadband and Liberty Global. While Malone has remained an active investor and talking head in the industry, it’s notable that he is taking over as interim CEO of Liberty Media.
A stealthy dealmaker, Malone is known for shrewd financial transactions and spinning out his companies into tracking stocks. Malone infamously ran and built the cable empire TCI in the 1970s. He sold TCI to AT&T in 1999 for roughly $50 billion. More

Rocket Lab announced its first customer for its coming Neutron vehicle.
The space infrastructure company reported third-quarter revenue increased to $104.8 million, up 55% from $67.6 million for the same period a year ago.
The stock has been flying up the past three months, nearly tripling over that period.

A view of Rocket Lab’s HASTE suborbital launch vehicle.
Rocket Lab

Rocket Lab shares jumped in post-market trading after the company reported third-quarter results and announced its first customer for its coming Neutron vehicle.
The space infrastructure company reported third-quarter revenue increased to $104.8 million, up 55% from $67.6 million for the same period a year ago, and above Wall Street’s expectation of $102 million, according to analysts surveyed by LSEG.

Its net loss also increased year over year, to $51.9 million from $40.6 million, but its loss of 10 cents per share came in slightly below analyst expectations of a loss of 11 cents a share.
Rocket Lab forecast fourth-quarter revenue between $125 million and $135 million, which at the midpoint would see the company bring in about $430 million this year.
Additionally, the company announced its first launch deal for its Neutron rocket.
A “confidential commercial satellite constellation operator” signed for two missions in mid-2026, which Rocket Lab said were at a price “consistent with our target” for the vehicle. Previously, the company said it was targeting a price point of about $50 million per Neutron launch.
Shares of Rocket Lab jumped as much as 25% in after-hours trading, up from its close at $14.66 a share. The stock has been flying up the past three months, nearly tripling over that period.

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The bulk of Rocket Lab’s Q3 revenue growth came from its Space Systems unit, which builds spacecraft and sells satellite parts. The business brought in $83.9 million of the quarter’s revenue, up from $46.3 million a year ago, while its Launch unit brought in $21 million, roughly in line wit- $21.3 million a year prior.
But the company’s small Electron vehicle, which sells for about $8.5 million per mission, has become the world’s third-most-frequently launched orbital rocket. It’s launched a company record 12 missions so far this year. And Rocket Lab added $55 million worth of new launch contracts to Electron’s backlog in Q3.
Development of Neutron — as well as the Archimedes engines that power it — remains a key watch item for investors, with heavy research and development spending driving most of Rocket Lab’s quarterly losses.
Neutron is seen as crucial for Rocket Lab to tap larger markets, including a broader swath of U.S. national security launches. The company continues to expect Neutron to debut in mid-2025 and has outlined a variety of milestones in the rocket’s path to launch — including assembly and testing of flight hardware, firing “multiple” Archimedes engines and continuing on work underway on the launchpad infrastructure in Virginia. More

Rivian Automotive and Volkswagen Group said the size of their joint venture has increased to up to $5.8 billion.
The automakers also said the first VW models to use Rivian’s software and electrical architecture are set to arrive as early as 2027.

A provided image of Oliver Blume, CEO of Volkswagen Group and RJ Scaringe, founder and CEO of Rivian, as the companies announce joint venture plans on June 25, 2024.
Courtesy: Business Wire

Volkswagen Group has increased its planned investment in an announced joint venture with electric vehicle maker Rivian Automotive ahead of the operations launching Wednesday.
The companies in a joint press release Tuesday said the size of the deal is now up to $5.8 billion — an increase from an initial investment of up to $5 billion — with the first VW models to use Rivian’s software and electrical architecture arriving as early as 2027.

Shares of Rivian were up by more than 6% during after-hours trading.
The increase in investment was a result of the companies pulling ahead some potential future capital from VW, as well as changes in the deal’s structure, including in equity investment, officials said Tuesday during an investor call.
VW Group CEO Oliver Blume during a press conference Tuesday said the German automaker expects to use Rivian’s technologies across a wide range of price points, international markets and brands.
The integration of Rivian’s software is expected to start with the Volkswagen brand, followed by Audi as well as VW’s forthcoming Scout brand, Blume said. He also mentioned “sports cars” could be included but did not specify which brand. VW’s brands also include Bentley, Porsche and Lamborghini, among others.
“We’re thrilled to see our technology being integrated in vehicles outside of Rivian, and we’re excited for the future,” Rivian CEO RJ Scaringe said in a statement.

Both Scaringe and Blume said any further plans such as battery modules, joint production of vehicles or sharing other hardware components would need to be in addition to the announced joint venture deal.
The name of the joint venture, which was expected to close during the fourth quarter, is Rivian and VW Group Technology, LLC.

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Stock of Rivian Automotive and Volkswagen Group

VW has already made an initial investment of $1 billion in the form of a convertible note, the companies said. At the closing of the joint venture, VW will invest about $1.3 billion “as consideration for background IP licenses and a 50% equity stake in the joint venture.”
The remaining investment of up to $3.5 billion is expected to come by 2027 “in the form of equity, convertible notes, and debt at future dates and based on clearly defined milestones,” according to the companies.
The joint venture deal was initially announced in June and came as Rivian sought to raise additional capital as it launches its redesigned models and prepares for production of new “R2” vehicles in early 2026.
Scaringe previously said the capital from VW is expected to carry the company through the production ramp-up of its smaller R2 SUVs at its plant in Normal, Illinois, starting in 2026, as well as production of a midsize EV platform at a plant in Georgia, where Rivian paused construction earlier this year.
The joint venture will be headed by Rivian Chief Software Officer Wassym Bensaid and VW Group Chief Technical Engineer Carsten Helbing.
The companies said developers and software engineers from both companies will join the joint venture. Teams will be based initially in Palo Alto, California, and three other sites are in development in North America and Europe. More

Shares of Amgen fell as analysts chewed over bone density loss data from an early-stage trial on its experimental weight loss injection, MariTide.
While some analysts called the additional data a potential safety risk, others said the share move was an overreaction and that more data on a larger group of patients is needed.
The drug is a promising potential competitor in the weight loss drug market that is designed to be taken monthly rather than once a week like existing injections from Novo Nordisk and Eli Lilly. 

Shares of Amgen fell more than 7% Tuesday as analysts chewed over bone density loss data from an early-stage trial on its experimental weight loss injection, MariTide.
One analyst said the additional data suggests a new potential safety risk tied to the drug. But others said the share move was an overreaction, and that more data on a larger group of patients is needed.

Amgen did not immediately respond to a request for comment on the data 
The drug is a promising potential competitor in the weight loss drug market. It is designed to be taken monthly, rather than once a week like existing injections from Novo Nordisk and Eli Lilly, and promotes weight loss differently.
Wall Street is waiting for crucial phase two trial results on MariTide, which are set to be released before the end of the year. 
Analysts on Tuesday cited additional publicly available data from a phase one study showing that the highest dose of MariTide – 420 milligrams – was linked to roughly 4% loss of bone mineral density over 12 weeks. A decrease in bone mineral density refers to when bones lose calcium and other minerals, making them weaker and more likely to break. 
In a research note, Cantor Fitzgerald analyst Olivia Brayer called the data a “big unknown” and suggested it could be a potential risk associated with drugs like MariTide, which work by using so-called GIPR antagonism. Amgen’s injection works by blocking a gut hormone receptor called GIP but also activates another appetite-suppressing hormone called GLP-1. 

That’s unlike Eli Lilly’s obesity drug, Zepbound, which activates GIP and GLP-1. Wegovy activates GLP-1 but does not target GIP, which may also affect how the body breaks down sugar and fat.
“On one hand, patients could naturally lose bone mineral density during weight loss treatment,” Brayer wrote. 
But Brayer said, “on the other hand, this could be a non-starter because there seems to be a dose-dependent increase” in bone mineral density loss. That means patients appear to lose more bone mineral density the higher the dose they take. 
Meanwhile, Jefferies analyst Michael Yee wrote in a note that the additional MariTide data seems to be a “non-issue.” Yee acknowledged that people on the highest dose of the drug had declines in bone density, but said “the data is all over the place.” 
For example, he pointed to data on a lower dose of the drug showing that bone density actually increased by 1% before normalizing. Yee added that bone mineral density “changes” are a known side effect of weight loss drugs in the first one to three months of use because people lose significant weight quickly. 
Amgen is also aware of the “hypothetical concern” of bone mineral density loss, Yee said, citing the firm’s discussions with management.  
“While obviously not saying there is zero effect, we are saying we don’t think there is a concern, significant [bone mineral density] drop sustained over time, or clinical risk or concern,” Jefferies said. “Overall we don’t believe there is an issue and the effect is normalized over time.”
BMO analyst Evan Seigerman wrote in a note Tuesday that “We’d be cautious about making an overarching judgment on the safety profile of MariTide with this data.” 
He added that “we’d be more comfortable judging the safety profile from a larger cohort of patients.” There may not be a clear answer until Amgen releases full phase two trial data on the drug. 
“Our view on MariTide hasn’t changed with this and if anything we see the selling as overdone,” Seigerman wrote.  More

A Spirit flight was struck by gunfire on Monday and a flight attendant was injured while trying to land at Port-au-Prince’s airport.
Spirit, American and JetBlue have suspended Haiti flights.
The U.S. State Department warned travelers about “armed violence” in the area.

Spirit Airlines airplanes at Fort Lauderdale-Hollywood International Airport (FLL) in Fort Lauderdale, Florida, US.
Eva Marie Uzcategui | Bloomberg | Getty Images

The Federal Aviation Administration on Tuesday banned U.S. civilian flights to and from Haiti for 30 days after a Spirit Airlines airplane was struck by gunfire trying to land in Port-au-Prince a day earlier.
The FAA’s ban also prohibits U.S. flights from traveling under 10,000 feet in Haiti’s airspace.

On Monday, Spirit Airlines Flight 951 from Fort Lauderdale, Florida, diverted to Santiago in the Dominican Republic at around 11:30 a.m. after it was damaged by gunfire, the airline said. Spirit said one flight attendant on board “reported minor injuries” and that no passenger injuries were reported.
American Airlines said one of its flights from Port-au-Prince to Miami was hit by gunfire on Monday and that it landed uneventfully, with no injuries reported.
“Out of an abundance of caution, a post-flight inspection was completed, indicating the exterior of the aircraft had been impacted by a bullet,” American said in a statement.
American has suspended flights to the Haitian capital through Feb. 12. JetBlue Airways has also paused service to Haiti.
The U.S. State Department on Monday said that the embassy in Port-au-Prince “is aware of gang-led efforts to block travel to and from Port-au-Prince which may include armed violence, and disruptions to roads, ports, and airports.” More

Boeing said it will take weeks before it can fully restart factories after a more than seven-week machinist strike.
The manufacturer handed over 14 aircraft in October, the fewest since November 2020, during the pandemic and the tail end of a worldwide grounding of its bestselling 737 Max.
Machinists are required to return to their jobs no later than Tuesday.

An employee works in the cockpit of a Boeing P-8 Poseidon maritime patrol aircraft on the production line at Boeing’s 737 factory in Renton, Washington, November 18, 2021.
Jason Redmond | Reuters

Boeing’s more than 32,000 machinists who were on strike are required to return to their factories no later than Tuesday, but getting factories humming again will take weeks, the manufacturer said.
Boeing machinists approved a new contract last week that included 38% pay raises over four years and other improvements, ending a more than seven-week strike that halted output of most of Boeing’s aircraft production. They first walked off the job on Sept. 13, turning down a proposal with 25% raises.

The company said Tuesday that it handed over 14 jetliners in October, the fewest since November 2020, during the depths of the pandemic and the tail end of the worldwide grounding of Boeing’s 737 Max in the wake of two fatal crashes. Nine of the deliveries last month were 737 Maxes. A spokesman said workers unaffected by the strike performed the delivery procedures.
Boeing’s troubles have put it further behind Airbus this year. The U.S. manufacturer handed over 305 airplanes so far this year compared with its European rival’s 559 aircraft.
As the workers return, Boeing has to assess potential hazards, restate machinist duties and safety requirements, and ensure that all training qualifications are current, a spokesman said.
“It’s much harder to turn this on than it is to turn it off,” CEO Kelly Ortberg said during the company’s quarterly call last month. “So it’s absolutely critical that we do this right.”
The company is resuming production in Washington state and Oregon for the 737 Max, 767 and 777 programs, as well as military versions of its aircraft. Boeing’s 787 Dreamliner production continued during the strike because those planes are made in a nonunion factory in South Carolina.
Despite the strike pause, Boeing continued to sell dozens of aircraft in October, with 63 gross orders, two shy of September’s total. Forty of them are 737 Max 8s for the Avia Solutions Group. It also handed over 10 787 Dreamliners to LATAM Airlines.

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Family offices — the in-house investment and service firms of high-net-worth families — are becoming more confident about finding and negotiating their own private equity deals.
Half said they plan to invest directly in a private company without a private equity fund over the next two years, according to a family office survey from Bastiat Partners and Kharis Capital.

Closeup of late 40s handsome executive man driving in the back seat of a luxury limousine and using a smart phone. 
Gilaxia | E+ | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Family offices are increasingly bypassing private equity funds and buying stakes in private companies directly, according to a new survey.

Half of family offices plan to do “direct deals” — or invest in a private company without a private equity fund — over the next two years, according to a family office survey from Bastiat Partners and Kharis Capital.
As they grow in size and sophistication, family offices are becoming more confident about finding and negotiating their own private equity deals. Since family offices — the in-house investment and service firms of high-net-worth families — are typically founded by entrepreneurs who started their own companies, they often like to invest in similar private companies and leverage their expertise.
More than half (52%) of family offices surveyed prefer doing direct deals through syndicates, where other investors take the lead, “reflecting a cautious approach and reliance on the expertise of established sponsors,” according to the report.
“Family offices are being gradually recognized as an economic powerhouse in private markets,” according to the report.
The big challenge for family offices as they do more direct deals is so-called deal flow, or the volume of possible deals. Since most deals are either unattractive or not suitable, family offices may see 10 deals or more for every one that works, according to the report.

At the same time, family offices fiercely protect their privacy and prefer to remain largely unknown to the public. Without a public profile, they aren’t likely to be included in deal offerings or banker calls and miss out on potential investments. Fully 20% of family offices surveyed cited “quality deal flow” as a primary concern.
One solution, according to the report, is for family offices to start developing more public profiles and network with each other more to attract deal flow. According to the survey, 60% view networking with other family offices as “important,” and 74% are “eager for more introductions.”

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The other challenge for family offices doing direct deals is due diligence, according to family office experts. When a private equity fund or company invests in a private company, they often have teams of bankers or in-house experts able to dissect a company’s financials and its prospects. Family offices typically lack the infrastructure for rigorous due diligence and risk buying into troubled companies.
To formalize their deal process, more family offices are creating boards of directors and investment committees. According to the survey, 54% of North American family offices have established investment committees to help vet investments.
When it comes to their preferred private investments, they like to venture “off the beaten path,” focusing on niche and emerging asset classes. Family offices, for instance, are increasingly investing in real estate tax liens, fertility clinics, sale-leasebacks of real estate, whiskey aging and litigation financing.
“These approaches provide family offices with access to private investments that offer attractive returns, cash yields and low correlation to traditional markets,” according to the report.

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Netflix’s ad-supported tier has reached 70 million global monthly users.
The streaming giant introduced the cheaper tier with commercials in November 2022 as one of its responses to slowing subscriber growth.
Netflix also said it’s sold out of its ad inventory for two live Christmas Day NFL games.

People wait in a line to enter “The Lab,” a “Stranger Things” Netflix series experience in Madrid on June 2, 2022.
Beata Zawrzel/ | Nurphoto | Getty Images

Netflix’s cheaper, ad-supported tier has reached 70 million global monthly active users two years after it was launched.
The company said Tuesday that more than 50% of its new sign-ups are for ad-supported plans in countries that offer the option. Netflix said it continues “to see positive momentum and growth across all areas of the business,” adding it has seen “steady progress across all countries’ member bases.”

Netflix launched the option in November 2022 as one of its responses to a slowdown in subscriber growth.
Recently, subscriber growth hasn’t been an issue. Last month Netflix reported it added 5.1 million subscribers during the third quarter, beating Wall Street estimates. In total, Netflix counts 282.7 million memberships across all of its pricing tiers.
Beginning next year, Netflix said it will no longer update investors on its subscriber numbers as it shifts focus toward revenue and other financial metrics as performance indicators.
When Netflix launched its ad platform two years ago, the company said Nielsen would rate its content.
Netflix in May announced it would air two National Football League games on Christmas Day this year as part of a three-year deal. On Tuesday it said it sold out of its ad inventory for the two live games.

Netflix also said it’s brought on FanDuel and Verizon as advertisers for the games. FanDuel will become the exclusive pregame sportsbook betting partner, Netflix said, and will have a sponsored in-show feature.
Media companies have been focusing on ad-supported strategies for their streaming options that woo customers with cheaper plans and also offer advertising revenue that can help move the streaming businesses toward profitability. While the ad market has been slow for traditional TV, it has grown for streaming and digital businesses.
Netflix offered its last update on its ad-supported tier in May, when it said it reached 40 million global monthly active users, nearly doubling the figure it had shared in January. That announcement came during Upfronts, when media companies make their pitches to advertisers.
Netflix also announced in May it would launch its own advertising platform, ending a partnership with Microsoft for that technology. It’s rolled out the platform in Canada and plans to launch it in the U.S. by the end of the second quarter next year. It plans to set the platform live everywhere by the end of 2025.

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