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US media firm Liberty Media buys Formula 1

September 08, 2016, 01:36 PM IST by Firoze Irani
US media firm Liberty Media buys Formula 1

US media firm Liberty Media buys Formula 1 for 4.4 billion dollars. This huge move comes ending years of speculation. The total transaction values the firm at 8 billion dollars but includes 4.1 billion dollars’ worth of F1's debt.

According to international sources, Bernie Ecclestone will remain as chief executive but Chase Carey, vice-chairman of 21st Century Fox, will become the new chairman. Liberty Media has stakes in several sports and entertainment businesses, including the Atlanta Braves Major League Baseball club.

A full takeover is planned if regulators approve the deal. It will be subject to the approval of the International Automobile Federation (FIA), the governing body for Formula One and other global motorsport series, and European anti-trust regulators.

The company hopes to complete a deal for the remainder by the first quarter of 2017.

Tags:f1
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