(Reuters) - Liberty Media Corp LMCA.O said its shareholders voted to approve funding and changes related to the takeover of Formula One (F1) racing car series.
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 Tuesday’s special shareholder meeting, Liberty said in a statement.
The company controlled by U.S. cable mogul John Malone took control of the cash-generating sport 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 LLC, 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.
Reporting by Ismail Shakil in Bengaluru; Editing by Andrew Hay