Liberty Global buys into Formula E

Tue Mar 10, 2015 7:52am EDT
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LONDON (Reuters) - John Malone's Liberty Global and Discovery Communications, who have been linked in the past with Formula One, have become shareholders in the new Formula E electric series.

Formula E said in a statement that the two companies had secured minority investments.

No figures were given but the Hollywood Reporter indicated the combined investment was approximately $55 million for a one third stake.

"It is a significant step forward for Formula E to receive the backing of two major global media companies when we are barely halfway through our first season," said Formula E chief executive Alejandro Agag.

"The experience and knowhow they bring will provide a significant boost to Formula E."

Reports last year suggested Liberty Global and Discovery Communications were interested in buying a combined 49 percent stake in Formula One from rights holders CVC and Lehman Brothers.

Formula E is holding its fifth round of the season in Miami this weekend.

(Reporting by Alan Baldwin, editing by Justin Palmer)

Virgin Racing team driver Jaime Alguersuari of Spain drives his car during the Round Four of the Formula E championship in Buenos Aires, January 10, 2015.   REUTERS/Marcos Brindicci