Liberty Media Finishes Formula One Acquisition, Installs New CEO

Liberty Media wrapped up its acquisition of Formula One, with former DirecTV CEO Chase Carey named CEO and chairman, Liberty said in a news release Monday. Bernie Ecclestone, who had been Formula One CEO, became chairman emeritus, Liberty Media said. "There is an enormous opportunity to grow the sport," Liberty Media CEO Greg Maffei said. Liberty Media was once the single largest shareholder of DirecTV. Liberty Media said its Liberty Media Group will be renamed the Formula One Group, and the ticker symbols for the Series A, Series B and Series C Liberty Media Group tracking stocks will similarly change this week. Formula One will remain based in London and Maffei will be deputy chairman. The deal was announced last fall (see 1609080031).