Post by Deleted on Sept 8, 2016 6:05:26 GMT 7
US firm Liberty Media has confirmed it is buying the racing business Formula 1 for $4.4bn (£3.3bn).
The move ends years of speculation about the ownership of the company.
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.
Owned by the billionaire John Malone, Liberty will initially purchase a minority stake in the world's leading motor-racing championship. A full takeover is planned if regulators approve the deal.
"We are excited to become part of Formula One," said Greg Maffei, chief executive of Liberty Media.
www.bbc.com/news/business-37303230
The move ends years of speculation about the ownership of the company.
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.
Owned by the billionaire John Malone, Liberty will initially purchase a minority stake in the world's leading motor-racing championship. A full takeover is planned if regulators approve the deal.
"We are excited to become part of Formula One," said Greg Maffei, chief executive of Liberty Media.
www.bbc.com/news/business-37303230
