Discovery Communications and Liberty Global are revving up for the motor sport scene, announcing that they will become part of the group of shareholders in Formula E Holdings Ltd, which oversees the fully electric car Formula E racing series.
“It is a significant step forward for Formula E to receive the backing of two major global media companies when we are barely halfway through our first season,” said Formula E CEO Alejandro Agag. “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.”
Niall Curran, president of Liberty Global’s media investments group, said the investment was a perfect fit for his company because “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 and digital officer and general counsel, explained that the news was on brand for his company, saying: “We are very 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 motor sport.”