John Malone, who built a cable and media empire over more than five decades, will step down as chairman of Liberty Media Corp. at the start of next year, according to a release from the company .

Malone, 84, will become chairman emeritus of the Douglas County company and advise management and the board after he steps down on Jan. 1. Board Vice Chairman Robert Bennett, who goes by Dob, will become chairman.

“Founding Liberty Media and serving as its Chairman has been among the most rewarding experiences of my professional life,” Malone said in a statement. “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

See Full Page