Liberty Media Raising $1.55 Billion Toward Formula One Deal

Liberty Media is selling $1.55 billion worth of newly issued common stock at $25 a share to raise money toward its acquisition of motor sport federation Formula One (see 1609080031), the company said in a news release Wednesday. The buyers are Coatue Management, D.E. Shaw group, Jana Partners, Ruane Cunniff, Soroban Capital Partners, SPO Advisory and Viking Global Investors, it said. The shares will be issued with the completion of the Formula One takeover, it said, adding that the additional cash will reduce the number of Liberty Media shares to be paid to Formula One shareholders from 138 million to 7 million. It said the total number of shares to be issued by Liberty Media in connection with the Formula One deal will remain at about 138 million.