Liberty Media stockholders to vote in January on F1 takeover
By: S. Harding, Xiro Xone News December 11, 2016 Updated: 6:10 PM
Liberty Media will vote on whether or not the they will move forward with its proposed Formula One takeover next month.
Currently Liberty has already acquired an 18.7 per cent stake in the sport from CVC Capital Partners. However, it requires majority support from Liberty Media's stockholders.
In a statement Liberty Media said: ”Holders will be asked to vote on proposals relating to Liberty's issuance of shares of its Series C Liberty Media common stock in connection with the proposed acquisition of Formula 1 and the renaming of the Liberty Media Group and the Liberty Media common stock to the Formula One Group and the Liberty Formula One common stock, respectively, following the proposed acquisition of Formula 1 by Liberty."
A few months ago newly appointed F1 chairman Chase Carey has attended his first Formula One Strategy Group meeting in Geneva.
Carey has said one of Liberty’s objectives is to "widen the core television experience to today's needs".
He also added: ”I believe that a good digital product makes the television product more rewarding.
"Marketing the sport, in telling the story of the stars and heroes and the incredible machines. Then strengthen it geographically.
"So there is not 'the cash cow', but there is growth possibility in every area."
Liberty Global is the world's largest international TV and broadband company, operating in more than 30 countries in Europe, Latin America and the Caribbean through a series of different brand, which include the Atlanta Braves baseball team, satellite radio service Sirius XM, and minority interests in Time Warner and Viacom.