By Suevon Lee (September 7, 2016, 9:00 PM EDT) -- Liberty Media Corp. on Wednesday said it was buying global auto racing business Formula One from a consortium of sellers led by CVC Capital Partners for $4.4 billion, adding to the mass media company's portfolio of investments in the communications, entertainment and media space.
The deal terms give Liberty Media an immediate 18.7 percent minority stake in Formula One, with CVC remaining as controlling shareholder, according to a Wednesday release. Once the deal is approved and expected to close by the first quarter of 2017, the media company will own Formula One and rename itself the Formula One Group.
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