Liberty Media Corporation announced Wednesday afternoon that it acquired Formula One from a group led by CVC Capital Partners, which bought the majority stake in the racing organization in 2006.
The total price paid will be $8.5 billion, $4.4 billion being the determined equity value of F1 and $4.1 billion in debt.
Chase Carey, who helped launch Fox Sports in the mid-1990s and also served as CEO of DirecTV, will become the new chairman of Formula One. Bernie Ecclestone, who will make roughly $230 million from his 5.3 percent stake in the business, will stay on as CEO.