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Screen Shot 2016 09 08 at 11.06.16 copyBernie Ecclestone

Bernie Ecclestone, who will remain CEO, hopes the deal will drive the growth of F1, particularly in the U.S.

(LONDON) — Formula One is being bought by Liberty Media, a U.S. company that invests in entertainment and sports, for $4.4 billion.

Liberty Media Corp., which is controlled by 75-year-old tycoon John Malone, has ended years of uncertainty about the ownership of the auto racing series with Wednesday’s deal.

There will be continuity, with Bernie Ecclestone remaining the chief executive officer of F1. But the 85-year-old Ecclestone will have to work under a new chairman: Chase Carey, the executive vice chairman of Rupert Murdoch’s entertainment conglomerate 21st Century Fox.....

To read the full article:

http://time.com/4483468/formula-one-liberty-media-acquisition/

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