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Liberty Media shareholders approve Formula One takeover

Staff Writer |
Liberty Media said its shareholders voted to approve funding and changes related to the takeover of Formula One (F1).

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Liberty Media had proposed to issue new shares to fund the acquisition of the glamor sport and rename its media group to "Formula 1 Group." Both were approved at special shareholder meeting, Liberty said in a statement.

The company took control of Formula One in September in a deal valued at $8 billion, ending a long-running saga surrounding the sport's ownership and potential flotation.

The company said in December it would raise $1.55 billion for the takeover through investors, including Coatue Management, D. E. Shaw, and Jana Partners, that had committed to a financing through a subscription for Liberty's Series C common stock.

F1's acquisition, expected to close before the end of the first quarter in 2017, still needs approval from the Federation Internationale de l'Automobile, F1's governing body.

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