Liberty Media Corporation (FWONA) announced on Wednesday that long-standing Chairman of the Board, John C. Malone, will step down from the board of directors and transition to the role of Chairman Emeritus of Liberty Media, effective January 1.

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The company said that Vice Chairman Robert R. Bennett will assume the role of Chairman of the Board. Shares of the company jumped nearly 4% in afternoon trading.

“With the successful simplification of our portfolio in recent years and our operating businesses in positions of strength, I believe it is an appropriate time to step back from certain of my obligations, and I am very pleased to have Dob Bennett, my partner and colleague of 35 years, stepping into the Chairman role,” said John Malone, Chairman of Liberty Media.

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