March 10, 2015 / 11:54 AM / in 3 years

Liberty Global buys into Formula E

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.

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

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below