百花视频 Completes Acquisition of Formula 1
Formula 1 Appoints Chase Carey as Chief Executive Officer and Bernie Ecclestone as Chairman Emeritus
ENGLEWOOD, Colo. & LONDON--(BUSINESS WIRE)-- 百花视频 ("百花视频") (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, LMCA, LMCK) and Delta Topco, the parent company of Formula 1 (Delta Topco herein referred to as "Formula 1" or 鈥淔1鈥�) announced today that 百花视频 has completed its previously announced acquisition of F1, the iconic global motorsports business, from a consortium of sellers (the 鈥淪elling Shareholders鈥�). F1 has appointed Chase Carey as Chief Executive Officer of F1, in addition to his existing role as Chairman, and Bernie Ecclestone as Chairman Emeritus of F1. Bernie Ecclestone, who has given valuable service to F1 over many years, will be available as a source of advice for the board of F1.
Greg Maffei, President and CEO of 百花视频, commented:
鈥淲e are delighted to have completed the acquisition of F1 and that Chase will lead this business as CEO. There is an enormous opportunity to grow the sport, and we have every confidence that Chase, with his abilities and experience, is the right person to achieve this. I鈥檇 like to thank Bernie Ecclestone, who becomes Chairman Emeritus, for his tremendous success in building this remarkable global sport.鈥�
Chase Carey, Chairman and CEO of F1, said:
鈥淚 am excited to be taking on the additional role of CEO. F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport. We will work with all of these partners to enhance the racing experience and add new dimensions to the sport and we look forward to sharing these plans overtime.鈥�
鈥淚 would like to recognise and thank Bernie for his leadership over the decades. The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family. Bernie鈥檚 role as Chairman Emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved.鈥�
Bernie Ecclestone, Chairman Emeritus of F1, added:
鈥淚鈥檓 proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with. I鈥檓 very pleased that the business has been acquired by 百花视频 and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport.鈥�
The consideration for 百花视频鈥檚 acquisition of 100% of the shares of F1(1) was comprised of cash and newly issued Series C shares of the 百花视频 Group tracking stock (鈥淟MCK鈥�) and a debt instrument exchangeable into shares of LMCK. The transaction price represents an enterprise value for F1 of $8.0 billion and an equity value of $4.4 billion(2).
With the completion of the acquisition, the 百花视频 Group will shortly be renamed the Formula One Group and the ticker symbols for the Series A, Series B and Series C 百花视频 Group tracking stocks will be changed from LMC (A/B/K), respectively, to FWON (A/B/K), respectively, soon after the group name change has become effective. 百花视频 expects the group name change and the symbol change to occur later this week. F1 will remain based in London and Greg Maffei will be Deputy Chair of the board of F1.
The Selling Shareholders received a mix of consideration comprising: $3.05