Maffei’s base pay was $871,880 but he received an option award worth nearly $25 million and a stock award of $8.3 million, according to the company’s proxy statement filed with the SEC Wednesday. He was also granted non-equity incentive compensation – a cash payment – of $11.7 million.
Liberty Media, founder John Malone’s complex holding company based in Denver, owns interests in a range of media, communications assets through three tracking stocks: the Liberty SiriusXM Group, the Braves Group and the Formula One Group. Maffei signed a new five year employment agreement with Liberty in December of 2019 that called for stock and option grants in Dec. 2019 and Dec. 2020.
Liberty SiriusXM Group includes Liberty’s stakes in SiriusXM and Live Nation Entertainment; Braves Group includes the Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball club, the Atlanta Braves’ stadium and associated real estate projects; Formula One Group consists of Liberty Media’s subsidiary F1 and other minority investments, including Liberty Media Acquisition Corporation (a SPAC), AT&T and an inter-group interest in the Braves Group.
Malone, who is the chairman of Liberty’s board of directors, saw his total compensation dip slightly to $1.1 million from $1.4 million.