By Josh Beckerman
Liberty Media Corp. Chief Executive Greg Maffei has reached an
agreement to remain in that role through 2019.
Liberty has pursued an aggressive expansion strategy since Mr.
Maffei took the helm at the start of 2006. He said in a January
interview with The Wall Street Journal that "we need to look at the
marketplace, trying to look for durable assets, take advantage of
cheap financing and think about trying to build different kinds of
value."
Liberty Media bought a big stake in Charter Communications Inc.
last year and spun off that interest into Liberty Broadband, a new
publicly traded company. Charter has agreed to buy subscribers from
Comcast Corp. after Comcast's pending deal with Time Warner Cable
Inc. closes. Liberty and Charter had pursued an acquisition of Time
Warner Cable but lost out to Comcast.
"We are extremely pleased that Greg will continue in his
leadership role for another five years," Chairman John Malone said
in a statement. Mr. Maffei will continue as president and CEO of
Liberty Interactive as well.
A new compensation agreement calls for Mr. Maffei to receive an
annual base salary of $960,750, increasing annually by 5%, and an
annual target cash bonus equal to 250% of the applicable year's
base salary.
He joined the company in 2005 and was previously Microsoft
Corp.'s finance chief. He also did a brief stint at Oracle
Corp.
Write to Josh Beckerman at josh.beckerman@wsj.com
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