Today, Formula E revealed that Liberty Global Ltd. (NASDAQ: LBTYA, LBTYB, and LBTYK) will buy Warner Bros. Discovery’s shares in the all-electric racing series.
When the deal is done, Liberty Global will own 65% of Formula E, making it the world’s fastest-growing race.
Formula E is the first net-zero carbon sport and the only FIA-sanctioned all-electric world motor racing series. It is also the highest-rated ESG sport in the world.
Formula E is in its 10th season of all-electric city racing. It has one of the best and most varied schedules in all of sports, with 16 races in some of the most famous cities in the world on four continents.
With 11 teams, 22 world-class drivers, and almost 400 million fans around the world, Formula E is now the place to be for the best driving talent in the world. Teams like Jaguar TCS Racing, Nissan, TAG Heuer Porsche, and NEOM McLaren compete in the series.
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In the next race, Formula E goes to Portland, USA.
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Formula E showed off its new car for Season 11, the GEN3 Evo, at the recent Monaco E-Prix. It can go from 0 to 60 mph in 1.82 seconds, which is about 30% faster than a current Formula 1 car and faster than any other FIA-approved single-seater.
Jeff Dodds, CEO of Formula E, said, “First, I’d like to thank Warner Bros. Discovery for all the help and support they’ve given us over the past nine years.” Liberty Global has a history of building and growing businesses, and their investment in us couldn’t have come at a better time as we prepare for a period of rapid growth.
“I’m excited to be able to use their knowledge and resources even more. I’ve known and worked with the Liberty leadership team for more than ten years.” This is strong proof of how much promise our sport has.
Liberty Global’s CEO, Mike Fries, said, “We’re excited to take a controlling interest in Formula E. We first put money into the company almost 10 years ago.”
“Formula E has a huge amount of room to grow even more while incorporating the most cutting-edge environmental standards in sports.” The investment is in line with our long-term plan of making smart investments in very good businesses and our method of systematically moving capital around our venture portfolio.
FAQs
Liberty Global, a major cable company, acquired WBD’s ownership stake in Formula E, the electric car racing series. This gives Liberty Global control of Formula E, with ownership increasing to 65%.
Liberty Global sees significant growth potential in Formula E, particularly when it comes to integrating sustainable practices into the sport. They’ve held a stake in Formula E for almost a decade, indicating a long-term commitment.
