Now majority shareholder: Liberty Global acquires Formula E stake from Warner Bros. Discovery

Liberty Global is taking over the shares held by Warner Bros. Discovery in Formula E. With a total of 65 per cent, the US media group will therefore hold a majority stake in the electric racing series in future. This was officially announced by Formula E on Thursday.

"We are delighted to take a majority stake in Formula E - a company in which we invested almost ten years ago," says Mike Fries, CEO of Liberty Global. Formula E has enormous potential for further growth and at the same time sets the most advanced sustainability standards in sport, he explains.

"The investment continues our approach of disciplined capital rotation in our Ventures portfolio and our strategy of making long-term investments in highly attractive companies," Fries continues. In addition to Formula E, Liberty also owns Formula 1, which will also become more sustainable in the future.

Jeff Dodds, CEO of Formula E, comments on the takeover as follows: "Firstly, I would like to thank Warner Bros Discovery for the support and guidance they have given to Formula E over the last nine years."

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Liberty Global to acquire Formula E stake from Warner Bros. Discovery.

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— Formula E (@FIAFormulaE) June 13, 2024

It is likely that the sale of Discovery's shares will also have an impact on international Formula E broadcasts. After all, Eurosport is also part of the Discovery Group and broadcast the electric series on TV and livestream in several countries for many years.

Formula E CEO Dodds: "Planning a period of exponential growth"

After the parting words to Discovery, Dodds is looking ahead: "Liberty Global has a proven track record of building and growing businesses and their investment in us comes at the perfect time as we plan for a period of exponential growth," says the Briton.

Liberty's belief in Formula E is an impressive endorsement of the series' huge potential, Dodds says, adding: "Having personally known and worked with Liberty's leadership team for over a decade, I look forward to us continuing to benefit from their expertise and resources."

Liberty was an early investor in Formula E and increased its stake several times in recent years. In 2016, the company also bought Formula 1 from media mogul John Malone. If the group intends to operate both series in parallel in the long term remains to be seen - after all, the proportion of electric power in the "premier class" will increase once again from 2026...