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Liberty Global and Discovery take biggest stake in Formula E

Formula ELiberty Global and Discovery Communications are to take stakes in Formula E Holdings, the company set up to manage the new motorsports format.

Neither party has stated the size of their investment in Formula E. However, Bloomberg, citing a Liberty Global spokesman, has reported that the investment will give the pair combined the largest stake in Formula E ahead of Spanish property developer Enrique Bañuelos and Formula E CEO Alejandro Agag.

US cable magnate John Malone holds a 27% stake in Liberty Global and a 29% in Discovery.

Formula E was created three years ago as a showcase for electric car technology on the track. The sport has attracted backers including actor Leonardo DiCaprio and Richard Branson. Previous investors in Formula E include mobile technology giant Qualcomm.

“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,” commented the CEO of the company, Alejandro Agag. “The experience and knowhow 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, 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.”

“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,” said Bruce Campbell, Discovery Communications chief development and digital officer and general counsel.