Liberty Global buys shares from Warner Bros. Discovery in Formula E

Formula E has announced that Liberty Global will acquire the shares held by Warner Bros. Discovery in the electric championship, increasing its stake to 65%.

Published on 13/06/2024 à 16:44

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Liberty Global buys shares from Warner Bros. Discovery in Formula E

© Clément Luck / DPPI

Liberty Global is set to acquire a majority stake in the Formula E. The company – not to be confused with Liberty Media, owner of the Formula 1 – will buy back the shares held by Warner Bros. Discovery. This acquisition will bring Liberty Global's total share in Formula E to 65%, representing a majority stake in the 100% electric championship.

Europe-headquartered Liberty Global's portfolio includes stakes in British broadcaster ITV, British television and broadband service provider Virgin Media and Dutch broadcaster Ziggo Sport.

“First of all, I would like to thank Warner Bros. Discovery for its support and guidance to Formula E over the past nine years, confides Jeff Dodds, CEO of Formula E. Liberty Global has a proven track record of building and growing businesses and their investment in our company is timely as we prepare for a period of exponential growth. Having known the Liberty leadership team personally and having worked alongside them for over a decade, I am delighted to continue to benefit from their expertise and resources. This is a powerful confirmation of the enormous potential of our sport. »

“We are delighted to take a majority stake in Formula E, a business we first invested in almost 10 years ago, said Mike Fries, CEO of Liberty Global. Formula E has enormous potential for growth while incorporating the most advanced sustainability standards in the sport. This investment is a continuation of our approach to disciplined capital rotation within our Ventures portfolio and our strategy of long-term investments in highly attractive companies. »

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