[DeTomaso] NPS: also today

[Larry - Ohio Time]

In a blockbuster deal, Liberty Media Corporation and CVC Capital Partners
(CVC) announced that Liberty Media has agreed to acquire Formula One from a
consortium of sellers led by CVC.
Liberty Media, a U.S. corporation, owns interests in quite a range of media,
communications and entertainment businesses, including SiriusXM, the Atlanta
Braves baseball team.
The transaction price represents an enterprise value for Formula One of $8.0
billion and an equity value of $4.4 billion.
According to the press release, Liberty will rename the company the Formula
One Group after the sale is completed. The consortium of sellers led by CVC
will own approximately 65% of the Formula One Group's equity and will have
board representation at Formula One to support Liberty Media in continuing
to develop the full potential of the sport. In addition, a CVC
representative will be joining the Liberty Media Board of Directors.
Chase Carey has been appointed as the new Chairman of Formula One,
succeeding Peter Brabeck-Letmathe, who will remain on Formula One's board as
a non-executive director. Bernie Ecclestone will remain Formula One's CEO.
Greg Maffei, president and CEO of Liberty Media, said:
"We are excited to become part of Formula One. We think our long-term
perspective and expertise with media and sports assets will allow us to be
good stewards of Formula One and benefit fans, teams and our shareholders.
We look forward to working closely with Chase Carey and Bernie Ecclestone to
support the next phase of growth for this hugely popular global sport."
Chase Carey, chairman of Formula One, said:
"I am thrilled to take up the role of Chairman of Formula One and have the
opportunity to work alongsideBernie Ecclestone, CVC, and the Liberty Media
team. I greatly admire Formula One as a unique global sports entertainment
franchise attracting hundreds of millions of fans each season from all
around the world. I see great opportunity to help Formula One continue to
develop and prosper for the benefit of the sport, fans, teams and investors
alike."
Bernie Ecclestone, CEO of Formula One, said:
"I would like to welcome Liberty Media and Chase Carey to Formula One and I
look forward to working with them."
Donald Mackenzie, co-chairman of CVC, commented:
"We are delighted Chase Carey is joining Formula One as its new Chairman and
that he will be working alongside Bernie Ecclestone. Chase's experience and
knowledge of sport, media and entertainment is as good as it gets and we are
very pleased to secure his services. Bernie has been a wonderful CEO for us
over the last 10 years. There have been many successes and the occasional
challenge but there has never been a dull moment and we have had a lot of
fun. The combined skills of Chase and Bernie mean that the successes should
continue and we wish them well. We would like to thank Peter
Brabeck-Letmathe for his outstanding contribution during his tenure as
Chairman. His leadership has served the company well, and we are pleased
that he will remain on the board as a non-executive director."
Race teams competing in the series will be given the opportunity to
participate in the investment in Formula One, according the press release,
but details are not yet worked out. Certain teams have already expressed an
interest in investing after completion of the acquisition.
The impact of what Liberty and new Chairman Chase Carey can impose in the
near term will probably be very little. After the sale is completed in 2017,
however, we expect to see much bigger changes in the way the series is
covered in by new media, where it has often lagged behind other major
sports. Teams should have more control of their destiny as well, which will
create stability for the teams and sponsors. Other than keeping 85-year old
Ecclestone as CEO, it seems like a step forward for Formula 1 and its fans.
But time will tell.
 
Larry (lets hope they don't blow it) - Cleveland
 
 
-------------- next part --------------


   In a blockbuster deal, Liberty Media Corporation and CVC Capital
   Partners (CVC) announced that Liberty Media has agreed to acquire
   Formula One from a consortium of sellers led by CVC.

   Liberty Media, a U.S. corporation, owns interests in quite a range of
   media, communications and entertainment businesses, including SiriusXM,
   the Atlanta Braves baseball team.

   IFRAME: [1]https://s0.2mdn.net/4568611/1459193977459/index.html

   The transaction price represents an enterprise value for Formula One of
   $8.0 billion and an equity value of $4.4 billion.

   According to the press release, Liberty will rename the company the
   Formula One Group after the sale is completed. The consortium of
   sellers led by CVC will own approximately 65% of the Formula One
   Group's equity and will have board representation at Formula One to
   support Liberty Media in continuing to develop the full potential of
   the sport. In addition, a CVC representative will be joining the
   Liberty Media Board of Directors.

   Chase Carey has been appointed as the new Chairman of Formula One,
   succeeding Peter Brabeck-Letmathe, who will remain on Formula One's
   board as a non-executive director. Bernie Ecclestone will remain
   Formula One's CEO.

   Greg Maffei, president and CEO of Liberty Media, said:

   "We are excited to become part of Formula One. We think our long-term
   perspective and expertise with media and sports assets will allow us to
   be good stewards of Formula One and benefit fans, teams and our
   shareholders. We look forward to working closely with Chase Carey and
   Bernie Ecclestone to support the next phase of growth for this hugely
   popular global sport."

   Chase Carey, chairman of Formula One, said:

   "I am thrilled to take up the role of Chairman of Formula One and have
   the opportunity to work alongsideBernie Ecclestone, CVC, and the
   Liberty Media team. I greatly admire Formula One as a unique global
   sports entertainment franchise attracting hundreds of millions of fans
   each season from all around the world. I see great opportunity to help
   Formula One continue to develop and prosper for the benefit of the
   sport, fans, teams and investors alike."

   Bernie Ecclestone, CEO of Formula One, said:

   "I would like to welcome Liberty Media and Chase Carey to Formula One
   and I look forward to working with them."

   Donald Mackenzie, co-chairman of CVC, commented:

   "We are delighted Chase Carey is joining Formula One as its new
   Chairman and that he will be working alongside Bernie Ecclestone.
   Chase's experience and knowledge of sport, media and entertainment is
   as good as it gets and we are very pleased to secure his services.
   Bernie has been a wonderful CEO for us over the last 10 years. There
   have been many successes and the occasional challenge but there has
   never been a dull moment and we have had a lot of fun. The combined
   skills of Chase and Bernie mean that the successes should continue and
   we wish them well. We would like to thank Peter Brabeck-Letmathe for
   his outstanding contribution during his tenure as Chairman. His
   leadership has served the company well, and we are pleased that he will
   remain on the board as a non-executive director."

   Race teams competing in the series will be given the opportunity to
   participate in the investment in Formula One, according the press
   release, but details are not yet worked out. Certain teams have already
   expressed an interest in investing after completion of the acquisition.

   The impact of what Liberty and new Chairman Chase Carey can impose in
   the near term will probably be very little. After the sale is completed
   in 2017, however, we expect to see much bigger changes in the way the
   series is covered in by new media, where it has often lagged behind
   other major sports. Teams should have more control of their destiny as
   well, which will create stability for the teams and sponsors. Other
   than keeping 85-year old Ecclestone as CEO, it seems like a step
   forward for Formula 1 and its fans. But time will tell.


   Larry (lets hope they don't blow it) - Cleveland

References

   1. https://s0.2mdn.net/4568611/1459193977459/index.html