Liberty Global & Discovery Communications Take Stakes in Formula E

March 9, 2015 World Screen
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LONDON: Liberty Global and Discovery Communications are to become part of the group of shareholders in Formula E Holdings.

Formula E is a new FIA championship and the world’s first fully-electric racing series. The exact investment by the two companies, nor the percentage of their shareholding, have been divulged.

“It is a significant step forward for Formula E to receive the backing of two major global media companies when we are barely halfway through our first season,” said the CEO of Formula E Holdings, Alejandro Agag. “The experience and know-how they bring will provide a significant boost to Formula E. We look forward to creating new opportunities together to develop and promote premium content for a global audience.”

Niall Curran, the president of Liberty Global's media investments group, said, “Like Formula E, our business is closely connected to sustainability, speed and entertainment, so this is a great match. We are delighted to be supporting Alejandro and his team in building this new global sports media property, while building our portfolio of strategic content investments.”

Bruce Campbell, Discovery Communications' chief development and digital officer and general counsel, added, “We are very pleased to join Formula E’s ownership group. With unmatched global distribution, our Velocity, Turbo and Eurosport brands, and 30 years of experience as a global media company, Discovery’s unique expertise will help develop this new and unique motor sport.”