(Sept 8): John Malone’s Liberty Media Corp. agreed to buy the company that controls Formula One from private equity firm CVC Capital Partners for US$4.4 billion ($5.9 billion) in cash, stock and convertible debt, giving the US cable-TV entrepreneur ownership of the dominant international auto-racing circuit.

Liberty is acquiring an 18.7% stake in Formula 1 parent Delta Topco right away and will take full ownership later, according to a statement Wednesday. Delta Topco investors, led by London-based CVC, will own 65% of Liberty Media Group, a unit of Liberty Media Corp., after the transaction. Malone will retain control of the company through voting shares.

Chase Carey, a former top executive at Rupert Murdoch’s media empire, will become chairman of Liberty Media Group, which will change its name to Formula One Group.

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