Formula E secures minority investments from two media giants
2015-03-13 18:21:10
Formula E Holdings Limited (FEH), the company which owns the rights to the Formula E format, has received a significant investment from Liberty Global and Discovery Communications, it has been announced today. Both companies are major global media empires and will now become shareholders in the company which oversees the management and growth of Formula E as a spectator sport.
Formula E Holdings said that the involvement of the two media businesses represents an important step in the long-term development of the series and confirms its potential on the motorsport scene. FEH said that both of the new investors had a strategic vision and strong financial backing that would provide stability as well as creating a solid base from which the company would expand in the future.
Alejandro Agag, CEO of FEH, told EcoCars4Sale: “It is a significant step forward for Formula E to receive the backing of two major global media companies where we are barely halfway through our first season. The experience and know-how they bring will provide a significant boost to Formula E. We look forward to creating new opportunities together to develop and promote premium content for a global audience.”
Nial Curran, President of Liberty Global’s media investments group, told us: “Like Formula E, our business is closely connected to sustainability, speed and entertainment, so this is a great match. We are delighted to be supporting Alejandro and his team in building this new global sports media property, while building our portfolio of strategic content investments.”
Bruce Campbell, Discovery Communications Chief Development & Digital Officer and General Counsel, concluded: “We are pleased to join Formula E’s ownership group. With unmatched global distribution, our Velocity, Turbo and Eurosport brands, and 30 years of experience as a global media company, Discovery’s unique expertise will help develop this new and unique motorsport.”
Reported By
Andrew Merritt-Morling
Chief Editor
