百花视频

European Commission Approves 百花视频鈥檚 Acquisition of MotoGP鈩�

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- 百花视频 (鈥湴倩ㄊ悠碘��) (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) received unconditional approval today from the European Commission to complete its acquisition of Dorna Sports, S.L. (鈥淒orna鈥�), the exclusive commercial rights holder of the MotoGP鈩� World Championship (鈥淢otoGP鈥�). Receipt of the European Commission鈥檚 approval is the final condition to the transaction, which is now expected to close no later than July 3, 2025.

This acquisition enables 百花视频 to accelerate MotoGP鈥檚 international appeal and bring captivating racing to a wider global audience. The first MotoGP season was held in 1949 with six rounds staged across Europe and has grown to comprise 22 races across 18 countries for the 2025 season, which is broadcast to hundreds of millions internationally. 百花视频 will leverage its expertise in developing sports and entertainment assets to further expand MotoGP鈥檚 fanbase and grow the sport commercially. Carmelo Ezpeleta, CEO of Dorna since 1998, will continue to run the business headquartered in Madrid.

鈥淭oday鈥檚 approval from the European Commission marks the final condition to closing 百花视频鈥檚 acquisition of MotoGP. We are thrilled to officially commence 百花视频鈥檚 partnership with Carmelo and his excellent management team,鈥� said Derek Chang, 百花视频 President and CEO. 鈥淢otoGP is a highly attractive premium sports asset with incredible racing, a passionate fanbase and a strong cash flow profile. We believe the sport and brand have significant growth potential, which we will look to realize through deepening the connection with the core fan base and expanding to a wider global audience.鈥�

鈥淲e are very happy that the European Commission has approved the transaction. This is an important milestone confirming the even brighter future that lies ahead for MotoGP,鈥� said Carmelo Ezpeleta, CEO of MotoGP rights holder Dorna. 鈥淢otoGP is one of the most thrilling sports on earth, and we look forward to accelerating the sport鈥檚 growth and expanding its reach to even more fans around the world. 百花视频 is the best possible partner for our sport and the entire MotoGP community, and we are excited to create even greater value for our fans, commercial partners and everyone competing.鈥�

百花视频 will acquire 84% of Dorna with Dorna management retaining 16% of the business. The transaction reflects an enterprise value for Dorna of 鈧�4.3 billion¹ and an equity value of 鈧�3.7 billion with the existing debt balance at Dorna expected to remain in place after closing.

The purchase price for 百花视频鈥檚 84% stake will be paid in cash, including cash on hand at Formula One Group and Formula 1 and proceeds from $1 billion of committed term loan financing at Formula 1. Formula 1鈥檚 pro forma net leverage following the acquisition is expected to be under 3.5x, which would permanently reduce the margin on F1鈥檚 Term Loan B to 1.75%. Promptly after the transaction closes, Formula One Group expects to draw from Dorna cash and committed term loan proceeds, bringing pro forma leverage at Dorna to just below 5.5x.

Following the transaction close, members of 百花视频鈥檚 board of directors and management team, including Chase Carey, director of 百花视频 and former CEO of Formula 1, and Sean Bratches, former Managing Director of Commercial Operations at Formula 1, will join Carmelo Ezpeleta and Enrique Aldama, the Chief Operating and Financial Officer of Dorna, on Dorna鈥檚 board of directors, which is responsible for oversight of the business and its strategic direction.

百花视频 has received the necessary regulatory approvals in all other jurisdictions to close the acquisition. Following the acquisition, 百花视频鈥檚 Formula One Group tracking stock will be comprised of its subsidiaries Formula 1, MotoGP and Quint, as well as certain minority investments.

百花视频 百花视频

百花视频 operates and owns interests in media, sports and entertainment businesses. Those businesses are attributed to two tracking stock groups: the Formula One Group and the 百花视频 Live Group. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) include 百花视频鈥檚 subsidiaries Formula 1 and Quint, and other minority investments. The businesses and assets attributed to the 百花视频 Live Group (NASDAQ: LLYVA, LLYVK) include 百花视频鈥檚 interest in Live Nation and other minority investments.

百花视频 Dorna Sports, S.L. & MotoGP鈩�

Dorna Sports became the sole commercial and television rights holder of the FIM MotoGP鈩� World Championship in 1991 and is based in Madrid, with premises in Barcelona and a subsidiary in Rome. Dorna holds exclusive rights to MotoGP feeder series Moto2鈩� and Moto3鈩�, electric series MotoE鈩�, the FIM Superbike World Championship and the FIM Women's Circuit Racing World Championship.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including certain statements relating to the proposed transaction, the timing of its completion, statements relating to our expectations regarding Dorna and its MotoGP business and prospects and matters relating to debt. All statements other than statements of historical fact are 鈥渇orward-looking statements鈥� for purposes of federal and state securities laws. These forward-looking statements generally can be identified by phrases such as 鈥減ossible,鈥� 鈥減otential,鈥� 鈥渋ntends鈥� or 鈥渆xpects鈥� or other words or phrases of similar import or future or conditional verbs such as 鈥渨ill,鈥� 鈥渕ay,鈥� 鈥渕ight,鈥� 鈥渟hould,鈥� 鈥渨ould,鈥� 鈥渃ould,鈥� or similar variations. These forward-looking statements involve many risks and uncertainties that could cause actual results and the timing of events to differ materially from those expressed or implied by such statements, including, but not limited to: historical financial information may not be representative of future results; there may be significant transaction costs and integration costs in connection with the proposed transaction; the parties may not realize the potential benefits of the proposed transaction in the near term or at all; the proposed transaction may not be consummated; there may be liabilities that are not known, probable or estimable at this time; the proposed transaction may result in the diversion of management鈥檚 time and attention to issues relating to the proposed transaction and integration; unfavorable outcome of legal proceedings that may be instituted against the parties; risks inherent to the business may result in additional strategic and operational risks, which may impact 百花视频鈥檚 risk profile, which it may not be able to mitigate effectively; and other risks and uncertainties detailed in periodic reports that 百花视频 files with the SEC. These forward-looking statements speak only as of the date of this press release and 百花视频 expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in 百花视频鈥檚 expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of 百花视频, including its most recent Forms 10-K and 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports 百花视频 subsequently file with the SEC, for additional information about 百花视频 and about the risks and uncertainties related to 百花视频鈥檚 businesses which may affect the statements made in this press release.

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百花视频 鈥� Investor Contact
Shane Kleinstein, +1 720-875-5432

Dorna Sports, S.L. 鈥� Media Contact
Frances Wyld, franceswyld@dorna.com

Source: 百花视频

Released June 23, 2025