Shareholders approve Liberty Media F1 takeover-related proposals
FORMULA-ONE-M-A-LIBERTY-MEDIA:Shareholders approve Liberty Media F1 takeover-related proposals
Liberty Media had proposed to issue new shares to fund the acquisition of the glamour sport and rename its media group to "Formula 1 Group." Both were approved at Tuesday's special shareholder meeting, Liberty said in a statement.
The company controlled by U.S. cable mogul John Malone took control of the cash-generating sport in September in a deal valued at $8 billion, ending a long-running saga surrounding the sport's ownership and potential flotation.
The company said in December it would raise $1.55 billion for the takeover through investors, including Coatue Management LLC, D. E. Shaw, and Jana Partners, that had committed to a financing through a subscription for Liberty's Series C common stock.
F1's acquisition, expected to close before the end of the first quarter in 2017, still needs approval from the Federation Internationale de l'Automobile, F1's governing body.