Liberty Global to Acquire Formula E Stake From Warner Bros. Discovery
13 6월 2024 - 10:17PM
Business Wire
On completion of transaction, Liberty Global will take a
controlling interest in world’s leading electric car racing
series
Liberty Global Ltd. (“Liberty Global”) (NASDAQ: LBTYA, LBTYB and
LBTYK) is to acquire shares held by Warner Bros. Discovery in the
electric car racing series Formula E.
The acquisition of shares held by Warner Bros. Discovery will,
on completion, bring Liberty Global’s total share of ownership in
Formula E to 65% and mean that Liberty Global will take a
controlling interest in the world’s fastest growing motorsport.
Formula E is the only FIA sanctioned electric world motor racing
championship, the world’s No.1 rated ESG sport and the only net
zero carbon sport from inception. In its 10th season of
all-electric city street racing, the Formula E Championship boasts
one of the best sporting calendars in the world, with 16 races in
some of the world’s most iconic cities, covering four
continents.
Now, with almost 400m fans around the world, 11 teams and 22
drivers on the grid, Formula E has become a destination for the
world’s best motorsport teams and talent. Current teams include
Jaguar, Porsche, Maserati, McLaren, Nissan, DS, Mahindra, Andretti,
Penske, Envision and ERT. At the recent Monaco E-Prix, Formula E
revealed its new car for next season, the Gen3 Evo, which
accelerates to 60mph in an incredible 1.82 seconds, around 30%
faster than a current Formula 1 car.
Mike Fries, CEO, Liberty Global, comments: “We’re excited to
take a controlling interest in Formula E, a business we first
invested in nearly ten years ago. Formula E has a massive potential
for further growth while integrating the most advanced
sustainability standards in sports. The investment continues our
approach of disciplined capital rotation across our Ventures
portfolio and our strategy of making long-term investments in
highly attractive businesses.”
Jeff Dodds, CEO, Formula E, comments: “First of all I’d like to
offer my thanks to Warner Bros. Discovery for the support and
guidance they’ve provided Formula E over the past nine years.
Liberty Global have a proven track record of building and growing
businesses and their investment in us comes at the perfect time as
we plan for a period of exponential growth. Having personally known
and worked alongside the Liberty leadership team for over a decade,
I’m thrilled to be able to further benefit from their expertise and
their resources. This is a powerful vindication of the huge
potential of our sport.”
The transaction is subject to regulatory approval, with closing
expected before year end.
ABOUT LIBERTY GLOBAL
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is a world
leader in converged broadband, video and mobile communications
services. We deliver next-generation products through advanced
fiber and 5G networks, and currently provide over 85 million*
connections across Europe. Our businesses operate under some of the
best-known consumer brands, including Sunrise in Switzerland,
Telenet in Belgium, Virgin Media in Ireland, UPC in Slovakia,
Virgin Media-O2 in the U.K. and VodafoneZiggo in The Netherlands.
Through our substantial scale and commitment to innovation, we are
building Tomorrow’s Connections Today, investing in the
infrastructure and platforms that empower our customers to make the
most of the digital revolution, while deploying the advanced
technologies that nations and economies need to thrive.
Liberty Global's consolidated businesses generate annual revenue
of more than $7 billion, while the VMO2 JV and the VodafoneZiggo JV
generate combined annual revenue of more than $18 billion.**
Liberty Global Ventures, our global investment arm, has a
portfolio of more than 75 companies and funds across the content,
technology and infrastructure industries, including stakes in
companies like ITV, Televisa Univision, Plume, AtlasEdge and the
Formula E racing series.
* Represents aggregate consolidated and 50% owned
non-consolidated fixed and mobile subscribers. Includes wholesale
mobile connections of the VMO2 JV and B2B fixed subscribers of the
VodafoneZiggo JV.
** Revenue figures above are provided based on full year 2023
Liberty Global consolidated results and the combined as reported
full year 2023 results for the VodafoneZiggo JV and full year 2023
U.S. GAAP results for the VMO2 JV.
Sunrise, Telenet, the VMO2 JV and the VodafoneZiggo JV deliver
mobile services as mobile network operators. Virgin Media Ireland
delivers mobile services as a mobile virtual network operator
through third-party networks. UPC Slovakia delivers mobile services
as a reseller of SIM cards.
Liberty Global Ltd. is listed on the Nasdaq Global Select Market
under the symbols "LBTYA", "LBTYB" and "LBTYK".
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Investor Relations Michael Bishop +44 20 8483 6246
Corporate Communications Bill Myers +1 303 220 6686 Matt
Beake +44 20 8483 6428
Liberty Global (NASDAQ:LBTYA)
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