Liberty Media to Buy Formula One

21st Century Fox Executive Vice Chairman Chase Carey will become chairman of the car racing business

John Malone‘s Liberty Media just zoomed into a new lane of business, announcing on Wednesday that it intends to acquire Formula One in a deal that values the motorsports business at $8 billion, according to a press release from the two companies.

Liberty Media will acquire 100 percent of the shares of Delta Topco, Formula One’s parent company, in a cash and stock deal from a consortium of sellers led by European private equity firm CVC Capital Partners. Liberty Media will also assume Formula One’s $4.1 billion in debt and will fold Formula One into its Liberty Media Group, which will be renamed Formula One Group

After the deal is concluded, CVC will own 65 percent of the shares of Formula One Group and will maintain board representation, although it will not have voting power.

Longtime Formula One CEO Bernie Ecclestone (pictured) will remain in that job. Chase Carey, 21st Century Fox’s Executive Vice Chairman, will become the racing company’s chairman.

“I am thrilled to take up the role of Chairman of Formula One and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media team,” Carey said in a statement announcing the deal. “I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world. I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike.”

“I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them,” Ecclestone said in the statement.

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