Liberty Media shareholders greenlight F1 deal
January 18, 2017
By Colin Mann
Liberty Media Corporation has confirmed that a special meeting of stockholders approved (i) a proposal relating to the issuance of shares of Series C Liberty Media common stock in connection with its pending acquisition of Formula 1 and (ii) a proposal relating to the adoption of the amendment and restatement of Liberty Media’s restated certificate of incorporation to effect the name change of the ‘Media Group’ and the ‘Liberty Media Common Stock’ to the ‘Formula One Group’ and the ‘Liberty Formula One Common Stock’, respectively.
The closing of the acquisition remains conditioned upon approval from the Fédération Internationale de l’Automobile, the governing body of Formula 1. The acquisition is still expected to close before the end of the first quarter in 2017.
Liberty Media revealed in December 2016 that it had received all required approvals from all appropriate anti-trust authorities in connection with the €7.1 billion acquisition.