London, June 14, 2024 / PRNewswire/ -- FE Formula E announced today that Liberty Global Holding Ltd. (NASDAQ: LBTYA, LBTYB and LBTYK) will acquire WarnerMedia Discovery's stake in Formula E, the world's fastest-growing racing event. After acquiring WarnerMedia Discovery's holdings, Liberty Global will own 65% of Formula E, giving it control of the burgeoning global sports franchise. In terms of product structure, operating income for products valued between 10 and 30 billion yuan was 401 million yuan, 1.288 billion yuan, and 60 million yuan, respectively.The electric Formula E announced on Tuesday that Liberty Global Holding Ltd. will acquire WarnerMedia Discovery's stake in Formula E. After acquiring WarnerMedia Discovery's holdings, Liberty Global will own 65% of Formula E, giving it control of the world's fastest-growing racing event. Please use your Futubull account to access the feature.6Month11On Tuesday, Free Global Limited announced.("Liberty Global")After acquiring WarnerMedia Discovery's holdings, Liberty Global will control the stake of Formula E held by Warner Bros. Discovery in the For mula E, (NASDAQ:LBTYA, LBTYB, and LBTYK), the global electric car racing event.Formula ELiberty Global will acquire WarnerMedia Discovery's stake in Formula E, a fully electric racing event, which means that Liberty Global will own a stake in this world's fastest-growing racing sport.
After acquiring WarnerMedia Discovery's holdings, Liberty Global will own 65% of Formula E, giving it control in this burgeoning global sports franchise.
Formula E is the only FIA-recognized, all-electric international motorsport series, ranked as the world's number one ESG (Environmental, Social, and Governance) sport, and the first sport to achieve net-zero carbon certification from inception.
In the 11th season of Formula E, Monaco allowed the first-ever double-header event in the all-electric racing series.
In the 10th season of Formula E, it has the best and most diverse event planning in the world, with a total of 16 games in major world-famous cities on four continents.
Nowadays, Formula E has nearly 400 million fans worldwide, 11 teams and 22 world-class drivers, and has become a destination for the world's best racing talents, including top manufacturers such as Jaguar, Porsche, and McLaren.
At the recent Formula E race in Monaco, the new car for the 11th season of Formula E, the GEN3 EVO, was unveiled, it can accelerate to 60 mph in an incredible 1.82 seconds, 30% faster than the current cars in Formula 1.
The GEN3 EVO race car has four-wheel drive.
"First of all, I want to thank Warner Bros. Discovery for their support and guidance of Formula E over the past nine years," said Jeff Dodds, CEO of Formula E. "Liberty Global has a successful history in establishing and developing their business, and their investment in us comes at a time when we plan to see exponential growth. I have known and worked with Liberty Global's leadership team for over a decade and am pleased to further benefit from their expertise and industry resources, further proving the enormous potential of this sport."
"We are delighted to acquire control of Formula E, the first business we invested in ten years ago. As we incorporate the most advanced sustainable standards in sport, Formula E has enormous potential for further growth," said Mike Fries, CEO of Liberty Global. "This investment follows our strict capital rotation process within our venture portfolio and reflects our strategy of long-term investment in attractive businesses."
This deal is subject to regulatory approval and is expected to be completed by the end of the year.
The first edition of the Formula E season 11 schedule, with the Shanghai station returning during the Dragon Boat Festival holiday.