Liberty Global set to take controlling interest in Formula E with major share acquisition from Warner Bros. Discovery
Liberty Global is poised to significantly increase its stake in the electric car racing series Formula E, acquiring additional shares from Warner Bros. Discovery to bring its total ownership to 65%. This move will grant Liberty Global a controlling interest in what is recognized as the world’s fastest-growing motorsport and the only FIA sanctioned electric world motor racing championship.
Strategic Expansion and Global Influence
Upon completion of the transaction, which is subject to regulatory approval and expected to close before the year’s end, Liberty Global will enhance its influence over Formula E’s strategic direction. Formula E, now in its 10th season, is celebrated not only for its exciting all-electric city street racing but also for its strong commitment to environmental sustainability. It holds the distinction of being the world’s No.1 rated ESG sport and the only net zero carbon sport from inception.
Liberty Global is set to acquire a controlling interest in Formula E from Warner Bros. Discovery, enhancing its stake to 65% and bolstering the sport’s innovative growth.
Highlights of Formula E’s Success and Growth
Formula E boasts a global fan base of nearly 400 million, with 11 teams and 22 drivers competing in one of the sport’s best calendars, featuring 16 races across four continents, including in some of the world’s most iconic cities. The recent unveiling of the Gen3 Evo car at the Monaco E-Prix, which accelerates to 60 mph in just 1.82 seconds—around 30% faster than a current Formula 1 car—underscores the series’ innovative edge and appeal to top global motorsport teams and talents from brands like Jaguar, Porsche, and McLaren.
Comments from Leadership
Mike Fries, CEO of Liberty Global, expressed enthusiasm about the acquisition: “We’re excited to take a controlling interest in Formula E, a business we first invested in nearly ten years ago. Formula E has a massive potential for further growth while integrating the most advanced sustainability standards in sports.”
Jeff Dodds, CEO of Formula E, also highlighted the transition, appreciating the longstanding support from Warner Bros. Discovery and the future under Liberty Global: “First of all I’d like to offer my thanks to Warner Bros. Discovery for the support and guidance they’ve provided Formula E over the past nine years. Liberty Global have 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.”