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Liberty Media completes F1 deal

24 January 2017

The Liberty Media Corporation has announced that is has completed its acquisition of Delta Topco, the parent company of Formula 1.

The $8.4 billion takeover is said to be the start of a new era for Formula 1 as the takeover has seen former chief executive Bernie Ecclestone ousted following his 40 year tenure with Chase Carey succeeding him as chief executive officer of Formula 1.

“I am excited to be taking on the additional role of CEO,” said the newly appointed CEO, Carey. “F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport.”

The takeover comes as global viewing figures of the sport have been in decline in recent years, as Formula 1 failed to capitalise on the boom of social media – something it has been playing catch-up with since.

For many Liberty Media has been welcomed to the sport as the group is something of a media expert and Carey himself is the former vice president of Rupert Murdoch’s 21st Century Fox empire.

“We will work with all of these partners to enhance the racing experience and add new dimensions to the sport and we look forward to sharing these plans overtime,” Carey added.

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