Yahoo Autos Liberty Global to purchase controlling stake in Formula E
Liberty Global is set to take a controlling interest in Formula E following the purchase of shares from Warner Brothers Discovery.
The acquisition will take Liberty Global’s shareholding in the series to 65 percent, having previously bought a third back in 2015, and is subject to regulatory approval, which is expected to go through before the end of the year.
“First of all I’d like to offer my thanks to Warner Bros. Discovery for the support and guidance they’ve provided Formula E over the past nine years,” said Formula E CEO Jeff Dodds. “Liberty Global has a proven track record of building and growing businesses and their investment in us comes at the perfect time as we plan for a period of exponential growth.
“Having personally known and worked alongside the Liberty leadership team for over a decade, I’m thrilled to be able to further benefit from their expertise and their resources. This is a powerful vindication of the huge potential of our sport.”
European-based Liberty Global’s portfolio includes stakes in British television network ITV, UK television and broadband provider Virgin Media, and Dutch TV channel Ziggo Sport. The telecommunications giant is separate to the American mass media company Liberty Media, which owns Formula 1 and will soon own MotoGP, meaning that the purchase will not bring Formula E under the same umbrella as F1. The two will remain entirely independent of one another.
“We’re excited to take a controlling interest in Formula E, a business we first invested in nearly ten years ago,” said Liberty Global CEO Mike Fries. “Formula E has a massive potential for further growth while integrating the most advanced sustainability standards in sports.
“The investment continues our approach of disciplined capital rotation across our Ventures portfolio and our strategy of making long-term investments in highly attractive businesses.”
