John Malone is stepping down as chairman of Liberty Media and Liberty Global at the end of this year.

Mike Fries, chief executive at Liberty Global, will replace Malone as chairman of Liberty Global. Current Liberty Media vice chair Robert Bennett will become chairman of Liberty Media, as reported by The Financial Times.

Malone, 84, who is known as the "cable cowboy," will become chairman emeritus of both companies.

Liberty Global owns a number of telecoms companies, including 50 percent stakes in Virgin Media O2 in the UK and VodafoneZiggo in the Netherlands. The company also owns Belgian telco Telenet and has a stake in UK broadcaster ITV.

The company's media side has focused heavily on Formula 1 since 2016, when it acquired the Formula 1 Group for $4.6 billion.

“I’m stepping back a notch,” Malone said in an interview on Wednesday. “What I’m trying to do is worry about strategy and M&A items, be a cheerleader for management, and not get as involved in the operational details of these businesses.”

Malone noted to the FT that he is still involved with numerous public boards, private companies, and charitable foundations and trusts, but wants to spend more time with his wife.

Malone forged his career as a giant of the telecoms and media world back in the 1970s, when he spent more than 25 years as CEO of Tele-Communications Inc.

During his leadership at the company, TCI became the biggest cable-television operator in the US, before the company was sold to AT&T for $55 billion in 1999.