John Malone's Liberty Media Buys Formula One For $4.4 Bn

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John Malone's Liberty Media buys Formula One for $4.4 bn

WASHINGTON, (APP - UrduPoint / Pakistan Point News -8th Sept,2016) - US communications billionaire John Malone's Liberty Media announced Wednesday it had sealed a deal to buy the iconic racing business Formula One for $4.4 billion.

Liberty said it would keep Bernie Ecclestone, who has long controlled the racing group, as Formula One chief executive, but also named Chase Carey, the vice chairman of 21st Century Fox, as the company's new chairman.