Liberty Global, a broadband and telecommunications company, announced it will acquire shares held by Warner Bros. Discovery in the electric car racing series, Formula E. This acquisition will bring Liberty Global’s ownership in Formula E to 65%, allowing the company to take a controlling interest. The transaction is subject to regulatory approval and is expected to close by the end of the year.

This move marks a significant step for Liberty Global, which first invested in Formula E nearly a decade ago. Mike Fries, CEO of Liberty Global, expressed excitement about the acquisition, highlighting Formula E’s potential for growth and its advanced sustainability standards in sports.

Formula E, sanctioned by the FIA, is an all-electric world motor racing championship renowned for its eco-friendliness and impressive sporting calendar. In its 10th season, the championship includes 16 races across four continents, with major teams like Jaguar, Porsche, Maserati, and McLaren competing.

Jeff Dodds, CEO of Formula E, acknowledged Warner Bros. Discovery’s support over the past nine years and expressed optimism about Liberty Global’s future investment. He highlighted the timing as perfect for the sport’s anticipated exponential growth.

The Series recently unveiled its Gen3 Evo car at the Monaco E-Prix, capable of accelerating to 60 mph in 1.82 seconds, approximately 30% faster than current Formula 1 cars.

Formula E’s upcoming Season 11 (2024-2025) will feature a record 17 races in 11 iconic locations, including new venues in Miami and Diriyah, and double-headers in Monaco and Tokyo. The season commences in São Paulo on December 7, 2024, and concludes with a double-header in London.

The acquisition represents Liberty Global’s strategy of disciplined capital rotation and long-term investments in highly attractive businesses, expanding its portfolio in premier motorsport categories.