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Liberty confirms takeover of Formula One
Liberty Media Corporation has confirmed its takeover of Formula One. The media company has agreed to acquire F1 from a consortium of sellers led by majority shareholder CVC Capital Partners. Bernie Ecclestone is set to stay on as CEO, while Chase Carey will be appointed as chairman. Liberty Media will acquire 100% of the shares of Delta Topco, the parent company of F1, and concurrent to that it has completed the acquisition of an 18.7% minority stake for $746million (£559m). Prior to completion of that deal, due to be concluded in the first quarter of 2017, CVC Funds will continue to be the controlling shareholder of Formula 1. Upon completion of the deal next year, Liberty Media will...
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