Liberty Global takes controlling stake in Formula E

Liberty Global is taking a controlling interest in Formula E after buying shares held by Warner Bros Discovery, the electric car racing series announced on Thursday.

The acquisition will, on completion, leave Liberty with a 65% stake in a world championship that is now in its 10th season.

Formula E CEO Jeff Dodds said in a statement the announcement came as the electric series planned for a period of growth and was “a powerful vindication of the huge potential of our sport”.

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While telecoms group Liberty Global will control Formula E, Liberty Media are the commercial rights holder for the much bigger Formula One business.

Both are chaired by U.S. billionaire John Malone.