Liberty Global buys into Formula E

Reuters News
Posted: Mar 10, 2015 7:52 AM

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.

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(Reporting by Alan Baldwin, editing by Justin Palmer)