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Post by The Ultimate Nullifier on Sept 5, 2016 8:00:49 GMT -6
variety.com/2016/biz/news/liberty-media-in-talks-to-acquire-formula-one-report-1201852142/John Malone’s global TV company Liberty Media is in advanced talks to acquire a major stake in Formula One, according to a report by the Financial Times. The deal with CVC Partners, which owns F1’s parent company, may be announced in the next few weeks. A spokesman for Liberty Media declined to comment. According to the Times report, Liberty would initially take a 10-15% stake in the auto racing franchise for nearly $2 billion with an agreement to take over the sports business at some point down the road. Chase Carey, a longtime exec under Rupert Murdoch who helped launch Fox Sports and Fox News, is expected to be named chairman of F1. A potential Liberty Media alliance would value the Formula One business between $8 billion and $9 billion, which has quickly grown since 2005 when CVC, a private equity group, took a controlling stake in the popular sports business. At the time, F1 was valued under $2 billion. Other suitors reportedly in the mix for F1 included WME-IMG, private equity group Silver Lake and European broadcaster Sky.
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