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US firm Liberty Media buying Formula One auto racing series
Formula One is being bought by Liberty Media, a U.S. company that invests in entertainment and sports, for $4.4 billion. Liberty Media Corp., which is controlled by 75-year-old tycoon John Malone, has ended years of uncertainty about the ownership of the auto racing series with Wednesday's deal. There will be continuity, with Bernie Ecclestone remaining the chief executive officer of F1. But the 85-year-old Ecclestone will have to work under a new chairman: Chase Carey, the executive vice chairman of Rupert Murdoch's entertainment conglomerate 21st Century Fox. Formula One has hundreds of millions of fans, and Carey said in a statement that he sees opportunity to develop it. In an...
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8y ago from F1Pulse.com
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