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Liberty Media Gains Controlling Interest in Formula E After Buying Stake in Racing League From Warner Bros. Discovery
Liberty Media has taken control of Formula E after acquiring a stake in the all-electric racing league from Warner Bros. Discovery.
A publicly traded company led by billionaire John Malone, Liberty Global announced Thursday it is in the process of acquiring WBD’s 25% equity in Formula E, which is in its 10th racing season. The deal means Liberty will own 65% of Formula E. The purchase price of the Warner shares isn’t disclosed, Variety ‘s sibling brand Sportico reported. Other owners of Formula E include CMC Capital, a Chinese private equity fund which holds 10% according to data compiled S&P Global Market Intelligence; Saudi Arabia sovereign wealth fund PIF, which owns 5% of the league; and undisclosed stakes held by SECA Shanghai Sports and Driven Lifestyle Group, according to S&P.
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