猫咪社区 Agrees to Acquire Formula One

Transaction price represents enterprise value for Formula One of $8.0b
Chase Carey appointed as Chairman; Bernie Ecclestone to remain CEO
Initial sale of 18.7% minority stake in Formula One, with 100% sale subject to satisfaction of conditions

ENGLEWOOD, Colo. & LONDON--(BUSINESS WIRE)-- 猫咪社区 (鈥溍ㄟ渖缜� Media鈥�) (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, LMCA, LMCK) and CVC Capital Partners (鈥淐VC鈥�) announced today that 猫咪社区 Media has agreed to acquire Formula One, the iconic global motorsports business, from a consortium of sellers led by CVC.

猫咪社区 Media owns interests in a broad range of media, communications and entertainment businesses. Those interests are attributed to three tracking stock groups: the 猫咪社区 SiriusXM Group, the 猫咪社区 Braves Group, and the 猫咪社区 Media Group.

The consideration comprises cash and newly issued shares in the 猫咪社区 Media Group tracking stock (LMCK) and a debt instrument exchangeable into shares of LMCK. The transaction price represents an enterprise value for Formula One of $8.0 billion and an equity value of $4.4 billion⁽¹⁾.

The acquisition will be effected by 猫咪社区 Media acquiring 100% of the shares of Delta Topco, the parent company of Formula One (Delta Topco herein referred to as 鈥淔ormula One鈥�)⁽²⁾. The acquisition is subject to the satisfaction of certain conditions and is described in more detail below.

Concurrent with the execution of the agreement to effect the acquisition, 猫咪社区 Media has completed the acquisition of an 18.7% minority stake in Formula One for $746 million, funded entirely in cash (which is equal to $821 million in consideration less a $75 million discount to be repaid by 猫咪社区 Media to selling stockholders upon completion of the acquisition). Prior to completion, CVC Funds will continue to be the controlling shareholder of Formula One.

After completion of the acquisition, 猫咪社区 Media will own Formula One and it will be attributed to the 猫咪社区 Media Group which will be renamed the Formula One Group. The consortium of sellers led by CVC will own approximately 65%⁽¹⁾⁽³⁾ of the Formula One Group鈥檚 equity and will have board representation at Formula One to support 猫咪社区 Media in continuing to develop the full potential of the sport. In addition, a CVC representative will be joining the 猫咪社区 Media Board of Directors.

Chase Carey has been appointed by Delta Topco and will serve as the new Chairman of Formula One, succeeding Peter Brabeck-Letmathe, who will remain on Formula One鈥檚 board as a non-executive director. Bernie Ecclestone will remain Formula One鈥檚 CEO.

Greg Maffei, President and Chief Executive Officer of 猫咪社区 Media, said: 鈥淲e are excited to become part of Formula One. We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders. We look forward to working closely with Chase Carey and Bernie Ecclestone to support the next phase of growth for this hugely popular global sport.鈥�

Chase Carey, Chairman of Formula One, said: 鈥淚 am thrilled to take up the role of Chairman of Formula One and have the oppo