Liberty Media, which is led by USA cable TV pioneer John Malone, is the world’s largest global television and broadband company, operating in more than 30 countries in Europe, Latin America, and the Caribbean through a series of different brand names.
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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.
Liberty Media, which owns a series of media, communications and entertainment businesses, said late Wednesday that it has agreed to acquire motorsports company Formula One for $8 billion from a consortium of sellers.
Concurrently, Liberty acquired 18.7% of Formula One for $746 million in cash. And that is where Formula One fits in with Liberty Media.
This is one of the biggest deals in sports history and one of the most important moments in the history of F1.
There will be continuity, with long-standing commercial chief Bernie Ecclestone remaining the chief executive officer of F1.
Many inside the sport will be relieved to see the back of CVC, which has done very well out of its initial investment, and excited by the future. “I have never found a way to make money from that”.
“Bernie has been a wonderful CEO for us over the last 10 years”, Mackenzie said in a statement. “The combined skills of Chase and Bernie mean that the successes should continue and we wish them well”.
The purchase also adds a new gem to the growing collection of savvy, low-key tycoon Malone, who Forbes estimates has a fortune of $7.1 billion.
“We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders”.
Malone also owns Major League Baseball team Atlanta Braves and has stakes in radio company Sirius XM and European telecom company Liberty Global, U.S. cable company Charter and various cable-TV companies.
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Liberty Media will hope to build on these strengths, helping the sport gain new fans, especially in the Americas, and to capitalise on new opportunities around marketing, promotion, digital rights and social media.
