Liberty Media to raise $1.55 bln to fund Formula One deal

ByReuters

Published 14/12/2016 at 14:48 GMT

Liberty Media Corp, led by U.S. cable mogul John Malone, said on Wednesday it would raise $1.55 billion to fund its acquisition of Formula One racing car series.

Formula One generic

Image credit: AFP

The company said investors, including Coatue Management LLC, D. E. Shaw and Jana Partners, had committed to the financing through a subscription for Liberty's Series C common stock at $25 per share.

Liberty Media took control of the cash-generating glamour sport in September in a deal valued at $8 billion, ending a long-running saga surrounding the sport's ownership and potential flotation.

At the time, Liberty Media acquired an initial 18.7 percent stake from controlling shareholder CVC Capital Partners.

Bahrain Grand Prix

Hamilton describes shock Ferrari move as 'hardest decision I've ever had to make'

23/02/2024 at 15:35

The money raised from the investment will be used to increase the cash component paid to the consortium of selling Formula 1 shareholders led by CVC Capital Partners, Liberty Media said on Wednesday.

Formula 1

Verstappen says Hamilton could face 'awkward, weird' last season with Mercedes

15/02/2024 at 23:54

Formula 1

'It is very surreal' - Hamilton reflects on Mercedes career ahead of Ferrari switch

00:00:54

14/02/2024 at 17:31

Season 2024

'Emotional' Hamilton determined for success ahead of Ferrari move as Mercedes launch new car

14/02/2024 at 17:32

Join 3M+ users on app

Stay up to date with the latest news, results and live sports

Download

Scan me