The sale of Formula 1 has taken one more step toward completion as Liberty Media’s board approved the move in a meeting on the 17th.
ENGLEWOOD, Colo.–(BUSINESS WIRE)–Liberty Media Corporation (“Liberty Media”) (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, LMCA, LMCK) announced today that, at its special meeting of stockholders held on January 17, 2017 at 11:00 a.m. MT, the holders of its common stock entitled to vote thereat approved (i) a proposal relating to the issuance of shares of Series C Liberty Media common stock in connection with its pending acquisition of Formula 1 (the “Acquisition”) and (ii) a proposal relating to the adoption of the amendment and restatement of Liberty Media’s restated certificate of incorporation to effect the name change of the “Media Group” and the “Liberty Media Common Stock” to the “Formula One Group” and the “Liberty Formula One Common Stock,” respectively.
The closing of the Acquisition remains conditioned upon approval from the Fédération Internationale de l’Automobile, the governing body of Formula 1. The Acquisition is still expected to close before the end of the first quarter in 2017.
The completion of the deal is expected to happen by the end of the first quarter 2017. Let the games begin, as they say. There could be some changes in 2017 that few were expecting and perhaps there won’t be but suffice it to say, Liberty’s ownership is a massive red flare and fireworks show signaling an all-new era in Formula 1. Americans owning F1? Who would have imagined?
Hat Tip: Bussinesswire