NEW YORK (CelebrityAccess) — John Malone's Liberty Media announced that it has moved to acquire Formula One, the global motorsports business, from a consortium of sellers led by CVC.
Liberty initally acquired a 18.7% stake in the company for $746 million in cash, and will acquire the remaining 81.3% from current owners Delta Topco and CVC Capital Partners subject to approval from its shareholders, competition bodies and the sport’s governing body, the Fédération Internationale de l’Automobile (FIA). Liberty's bid for the company represents an enterprise value for Formula One of $8.0 billion.
“We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula 1 and benefit fans, teams and our shareholders. We look forward to working closely with Chase Carey and Bernie Ecclestone to support the next phase of growth for this hugely popular global sport,” Liberty Media CEO and President Greg Maffei said in a statement announcing the deal.
The acquistion may open the door to more concerts for Live Nation. Liberty currently holds a 34% stake in Live Nation, and Maffei currently serves as the chairman of the promoter's board of directors. Live Nation currently books shows at Austin360 Amphitheater, at the Circuit of the Americas F1 track in Austin, Texas. – Staff Writers