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. Bernie Ecclestone, the current CEO of the racing group, will remain in his position.
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Netherlands’ driver Max Verstappen steers his Red Bull during the Italian Formula One Grand Prix at the Monza racetrack, in Monza, Italy, Sunday, Sept. 4, 2016. It markets lucrative television rights and sponsorships and negotiates contracts with venues and teams.
CVC Capital Partners is handing over its ownership after taking a controlling stake in 2005. Carey succeeds Peter Brabeck-Letmathe, a gentleman who now fills the role of non-executive director of the board.
“Then there are his connections concerning sponsors, the people he has been dealing with for years, which are also good, and finally social media, which again is good”.
In a presentation for investors, the media company said it expects F1’s revenues, now at $1.8 billion, to grow to $9.3 billion by 2026.
Malone, a USA cable-industry pioneer, has wide-ranging holdings in sports and entertainment.
Earlier this summer, Malone bought TV station TV3 in a deal worth up to €87m.
Lately, the risks of big global bets by USA media companies have been on display as the strong dollar has weighed on financial results for companies, such as Discovery.
Liberty Media Corporation confirmed it has agreed to purchase a significant stake in Formula One motor racing as part of a deal that will ultimately lead to the full sale of the sports organisation.
After completion of the acquisition, Liberty Media will own Formula One and it will be attributed to the Liberty Media Group which will be renamed the Formula One Group. In the first stage, it has acquired an 18.7% stake.
The statement also confirms that the deal is subject to consent from third parties including the FIA, F1’s governing body. The companies put the total value of the deal at $8 billion, including debt.
Liberty Media owns a number of media subsidiaries as well as entertainment businesses, including the Atlanta Braves from Major League Baseball, as well as the team’s stadium.
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Red Bull team principal Christian Horner, who welcomed Liberty’s interest, could not foresee a near-term exit for Ecclestone even under new management. A court in 2014 dropped the case against Mr. Ecclestone in return for a payment of $100 million. “Between us we’ll get on with it”, he said.
