Liberty Media close in on Formula One

US media giant Liberty Media appear to be closing in on buying Formula One.

Reports at the Italian Grand Prix suggested a deal was imminent, with a $8.5 billion deal agreed.

F1’s current majority shareholder, private equity company CVC Capital Partners, looks poised to end its 10-year involvement by selling its 35.5% stake of the sport.

Liberty Media, headed by multi-billionaire media mogul John Malone, own several major brands, most notably Discovery Communications, who in turn own Eurosport. It could led to an interesting face off between Eurosport and Sky. Sky dominate the Formula One rights landscape, but if Liberty Media own F1, it might look to divert future rights away from Sky in favour of their own channel.

It has been suggested Chase Carey, executive vice-chairman of 21st Century Fox and a former business partner of Malone, would become F1’s new chairman.

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