[DeTomaso] NPS: also today

[Larry - Ohio Time]

Block me!




-----Original Message-----
From: DeTomaso [mailto:detomaso-bounces at server.detomasolist.com] On Behalf
Of audionut at hushmail.com
Sent: Thursday, September 08, 2016 3:18 PM
To: detomaso at server.detomasolist.com
Subject: Re: [DeTomaso] NPS: also today

Dammit Larry!  This is a Pantera Forum, not a trivia dumping ground!
 Sent using Hushmail
On September 8, 2016 at 12:15 PM, "Larry - Ohio Time"  wrote: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