It’s a deal: John Malone’s Liberty Media buys Formula One, and keeps Bernie Ecclestone on as CEO

US communications billionaire John Malone’s Liberty Media announced on Wednesday it would buy the legendary jewel of world road racing, Formula One, in a deal that values the sport at $8 billion.

Liberty said it would keep Bernie Ecclestone, who built Formula One into a global operation over nearly four decades, on as chief executive, but also named Chase Carey, the vice chairman of 21st Century Fox, as the company’s new chairman.

The deal brings Liberty control of the organisation’s Grand Prix races, 21 in total this year stretching from Melbourne and Shanghai to Sochi, Russia, Mexico City and finishing in Abu Dhabi.

The global stretch of the sport has brought the company billions each year from advertisers and broadcasting rights, one of the world’s most-viewed competition series.

It also spins in millions in profits from Formula One-branded merchandise.

In a complex deal, Liberty will take control of the legendary jewel of motor sports by buying 100 per cent of Formula One controlling shareholder Delta Topco from CVC Capital Partners, the British investment group that took over the sport in 2005.