Englewood-based Liberty Media Corp. reaches $4.4 billion deal for Formula One auto-racing franchise

Liberty Media Corp. led by Colorado billionaire John Malone is acquiring the NASCAR’s European cousin, Formula One, in a $4.4 billion deal.

(Nick Webb/Flickr)
(Nick Webb/Flickr)
(Nick Webb/Flickr)

Liberty Media Corp. announced this week that it’s adding another sports franchise to its clutch.

The Englewood-based company led by Colorado billionaire John Malone is acquiring NASCAR’s European cousin, Formula One, in a $4.4 billion deal.

“We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders,” Liberty Media CEO and president Greg Maffei said in a statement.

Liberty Media took over ownership of the Atlanta Braves baseball team in 2007. The company also controls the satellite radio company Sirius XM Holdings Inc.

Liberty Media is taking over Formula One from the European investment firm CVC Capital Partners. Formula One will remain based in London.

Earlier this year, Liberty Media Corp. made a roughly $3.4 billion pass at Pandora Media Inc., but the streaming music company rejected the acquisition offer.

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Adrian D. Garcia

Author: Adrian D. Garcia

Adrian D. Garcia covers business and trends for Denverite. He's covered business for The Fort Collins Coloradoan and serves as treasurer for the Colorado chapter of the Society of Professional Journalists.