F1 - Liberty Media purchased the rights to the F1

F1 - Liberty Media rachète les droits à CVC

Liberty Media will buy out the commercial rights of F1 to CVC and the other shareholders, for $ 4.4 billion. Bernie Ecclestone remains in place.
For several years, the resale rights of the F1 was raised. CVC Capital Partners and other shareholders have come to accept the offer of Liberty Media Corporation, a u.s. company specializing in media. She is a shareholder in DirecTV, and it has Expedia. Liberty also owns shares in Time Warner and Viacom, two media giants.
Liberty will gradually acquire 100% of Delta Topco, the parent company of the F1. Liberty started with a purchase of 18.7% of shares, to 746 million (662,6 million euros).
At the end of the buyback, scheduled for the beginning of 2017, the business value of F1 will be 8 billion dollars (7.1 billion euros) and the value of the fund will be 4.4 billion dollars (3.9 billion euros).
Chase Carey has been appointed Chairman, in place of Peter Brabeck-Letmathe. Bernie Ecclestone retains his role as CEO and he will continue to be in charge of the management of the commercial rights.
"We are delighted to enter into Formula 1," says Greg Mafai, the President and CEO of Liberty. "We believe that our long-term goals and our expertise in the media and the sport will allow us to fully manage the Formula 1 and to bring good things to the fans, to the teams and to the shareholders. We look forward to working with Chase Carey and Bernie Ecclestone to support the new front of growth of this extremely popular sport to work the world. "

Liberty has big ambitions

Liberty hopes to grow the Formula 1. The goal of the company is to make it even more popular across the world, an initiative already launched by CVC on new markets.
"I am delighted to take the role of Chairman of the Formula 1 and to have the opportunity to work alongside Bernie Ecclestone, CVC and the team to Liberty Media," said Chase Carey. "I really admire the Formula 1, a franchise of sports and entertainment that attracts millions of fans each year around the world. I see excellent opportunities to help the Formula 1 to develop and make it happen for the benefit of the sport, fans, teams, and investors. "
Liberty has stated that the teams will have the opportunity to invest in Formula 1, with modalities that still need to be disclosed. Several teams have already expressed their interest.
The role of Bernie Ecclestone is not going to evolve : "I would like to welcome Liberty Media and Chase Carey in Formula 1 and I am looking forward to working with them," he says.

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