“America is an opportunity, I think we can do a lot more in America, it’s probably more long-term than short-term”, he added.
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CVC Capital Partners, a London-based private-equity firm, bought majority control of Formula One in 2006. The franchise makes money through TV rights, sponsorships and deals with teams. As Bloomberg reports, Liberty Media’s CEO called Formula One’s digital operations “underdeveloped” in a conference call and said “that the company would look to harness technologies like virtual reality and video games in an effort to develop the fan base and generate new sources of revenue”. And that is where Formula One fits in with Liberty Media.
Chase Carey, formerly with 21st Century Fox, will be the new chairman of Formula One. “We want to continue to intelligently explore the opportunities to continue to grow it”. Evolving the race calendar.
Carey and Maffei see opportunities to develop new fans in Asia and the Americas.
Asked about challenging NASCAR’s supremacy in the U.S., Ecclestone said: “They are the people that should be concerned, of course”.
Formula One stages races in cities from Monte Carlo to Kuala Lumpur.
Liberty Media: 0% to 35.3%. After Liberty’s takeover, teams will be given a chance to invest in the circuit, the company said. Numbers have fallen in part because of the shift to pay TV, while audiences have rebounded in markets such as Germany, Italy and Brazil.
The teams and fans are expected to be much more involved and micro-targeted in a restructured business that is likely also to re-evaluate the points structure and the racing to ensure a massive overhaul of the sport s entertainment value, experts say.
Carey, eased out of power by a change of succession at Rupert Murdoch s News Corp, has a proven record in expansive sport-media growth and respected expertise in the value and exploitation of sports rights, notably in the United States market.
The sale comes days after Dutch brewer Heineken started its Formula One sponsorship at the Italian Grand Prix.
The cable giant has said it sees an opening to expand Formula One’s digital offerings.
“We will reach 500 million fans around the world and 200 million we weren’t talking to”, he said.
Liberty Media will initially acquire an 18.7% minority stake before completing a full takeover if the deal is approved by regulators and the FIA.
But F1 hasn’t cut ties with CVC completely, as documents reveal that not only will the fund retain a large stake in the sport, but a “CVC representative will be joining the Liberty Media Board of Directors”. Liberty Media’s sister company, Liberty Global, owns cable networks like Virgin Media in the United Kingdom.
Waddell & Reed: 20.5% to 13.3%.
Currently, NBCSN is the American broadcaster for Formula 1.
Never a tiresome moment: Ecclestone, a former motorcycle dealer and racing driver, has been the flamboyant figure at the centre of Formula One since the 1970s, crafting it into one of the world’s most glamorous and best known sports.
Formula One entered a new era on Wednesday as USA billionaire John Malone’s Liberty Media agreed a takeover that values the motorsport at $8 billion and raises questions over the role of its colourful, long-time mastermind, Bernie Ecclestone.
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Morgan Stanley served as financial adviser to Liberty Media and Baker Botts served as legal counsel.
