Liberty Media has agreed a deal to purchase motorsport brand Formula One, based on an enterprise value of $8billion.
The global motorsport brand will change hands from a consortium of sellers, led by CVC Capital Partners.
According to a statement released by Liberty Media, the acquisition of an 18.7 per cent minority stake has already been completed for $746million.
Liberty Media Group - which owns the SiriusXM radio group and the Atlanta Braves Major League Baseball franchise - will rebrand as Formula One Group when the takeover is completed.
"The transaction price represents an enterprise value for Formula One of $8.0billion and an equity value of $4.4billion," Liberty Media said in the statement.
Bernie Ecclestone, a long-term figure of authority in F1, is set to remain as chief executive officer.
"I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them," Ecclestone said in the statement.
According to Liberty Media, "teams will be given the opportunity to participate in the investment in Formula One, and the detailed terms of that investment will be agreed in due course. Certain teams have already expressed an interest in investing after completion of the acquisition."
The takeover is subject to approval by the International Automobile Federation [FIA].312+3