Liberty Media to Buy F1 for $8 Billion

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Real-life gargoyle Bernie Ecclestone will remain CEO

Jeff Knoespel

Liberty Media Corporation, an American media company, has agreed to purchase Formula One for $8 billion. If you don’t know what Formula One is or how much $8 billion is, you probably have strong opinions about Brad Keselowski and Tony Stewart.

Chase Carey will serve as the new Chairman of Formula One, succeeding Peter Brabeck-Letmathe, who will remain on Formula One's board as a non-executive director. Troll-under-the-bridge Bernie Ecclestone will remain CEO of Formula One.

“We are excited to become part of Formula One,” Greg Maffei, Liberty Media president and CEO, said. “We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders. We look forward to working closely with Chase Carey and Bernie Ecclestone to support the next phase of growth for this hugely popular global sport.”

"I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them," said the Dark Lord Ecclestone.

Liberty Media says it plans to develop F1 to its full potential. Whether that means they intend to bring back legendary racing or capitalize on branded leather t-shirts and $750 gear-lamps, only time will tell.

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