America's Liberty Media has confirmed it has acquired a minority holding in Formula One of 18.7 per cent from current owners CVC Capital Partners, but will increase that to a majority holding pending approval.
The US media company, which owns stakes in the Atlanta Braves Major League Baseball club, SiriusXM Radio Inc and a range of media companies, will pay $4.4 billion (£3.3bn) for a 100 per cent stake in Formula One's parent company Delta Topco, giving the sport a valuation of $8bn (£6bn).
The first part of the transaction, a $746 million payment to acquire an initial 18.7 per cent has already been completed.
Current CEO Bernie Ecclestone will remain, whilst Chase Carey, vice-chairman of 21st Century Fox, will be appointed to serve as the new Chairman of Formula One, succeeding Nestle's Peter Brabeck-Letmathe, who will remain on Formula One's board as a non-executive director.
"I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them," Ecclestone said of the deal.
Carey added: "I am thrilled to take up the role of Chairman of Formula One and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media team. I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world. I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike."
Greg Maffei, president and CEO of Liberty Media, said the takeover would benefit fans of the sport as well as the teams.
"We are excited to become part of Formula One. We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders. We look forward to working closely with Chase Carey and Bernie Ecclestone to support the next phase of growth for this hugely popular global sport."
The sport will be listed on the New York stock exchange under the FWON ticker, but will remain London based.
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