US firm Liberty Media buying Formula One motorsport series
LONDON (AP) Formula One is being bought by Liberty Media, a U.S. company that invests in entertainment and sports, in a takeover valuing the motorsport series at $8 billion.
Liberty Media, which is controlled by 75-year-old tycoon John Malone, has ended years of uncertainty about the ownership of the sport with Wednesday's deal .
The transition is due to be overseen by F1 CEO Bernie Ecclestone, who told The Associated Press that he will retain his role as the sport enters a new era.
Liberty Media will be renamed Formula One Group after the deal is complete, which is expected by March 2017.
F1's biggest shareholder is investment fund CVC Capital Partners.