Image: Formula E
In a significant development, Liberty Global is set to acquire a majority stake in FIA Formula E, taking over the shares previously held by Warner Bros. Discovery. This move will see Liberty Global now hold a 65% interest in the electric racing series, solidifying the involvement of a prominent telecommunications company. This follows the recent announcement of the Season 11 calendar, which promises to be the biggest in Formula E history.
Founded in 2005 through the merger of UnitedGlobalCom and Liberty Media’s international division, owner of Formula One, Liberty Global has a strong presence in the media landscape. In addition to its new involvement in Formula E, the company also owns Virgin Media O2. It is worth noting that Jeff Dodds, the current CEO of Formula E, previously held the position of Chief Operating Officer at Virgin Media O2.
Jeff Dodds expressed his gratitude to Warner Bros. Discovery for their support and guidance throughout Formula E’s nine-year journey. He emphasized Liberty Global’s track record of success in business development and expansion, highlighting the company’s investment in Formula E as a timely opportunity for exponential growth. Dodds also expressed his excitement in leveraging the experience and resources of Liberty’s leadership team, with whom he has had a professional relationship for over a decade. He sees this acquisition as a validation of the sport’s immense potential.
Mike Fries, CEO of Liberty Global, echoed Dodds’ enthusiasm, stating that the company is excited to acquire a controlling interest in Formula E. This investment comes almost a decade after Liberty Global’s initial involvement in the electric racing series. Fries emphasized the significant growth potential of Formula E and its commitment to incorporating advanced sustainability standards within the sport. This acquisition aligns with Liberty Global’s strategy of disciplined capital rotation through its Ventures portfolio, as they continue to make long-term investments in highly attractive businesses.
© 2024
