Liberty Media Corporation Extends Longstop Date for Acquisition of Dorna Sports, S.L.

Liberty Media Corporation (NASDAQ: FWONK) announced today an extension to the Longstop Date for its acquisition of Dorna Sports, S.L., a private limited company incorporated in Spain. As stated in a recent Form 8-K filing with the Securities and Exchange Commission, the extension was initiated to accommodate the European Commission’s Phase II review of the transaction, which was officially launched on December 19, 2024.

The Share Purchase Agreement, dated March 29, 2024, outlined Liberty Media’s agreement to acquire approximately 86% of the equity interests in Dorna Sports, S.L. The transaction has an aggregate equity value of approximately €3.502 billion and is subject to certain conditions, including approvals under specified foreign competition laws and rules issued by Spanish and Italian foreign investment authorities.

In response to the European Commission’s review and to allow for a more in-depth investigation, Liberty Media and the Buyer have agreed to extend the Longstop Date to June 30, 2025. This extension is contingent upon the satisfaction of the Regulatory Condition and the FDI Condition by the new deadline. The Institutional Seller, an involved party, has irrevocably agreed to this extension, provided that Liberty Media pays the Upfront Amount of €126 million by January 2 or 3, 2025.

Liberty Media expressed optimism regarding the benefits of the acquisition for MotoGP’s business, fans, viewers, and the motorcycle industry as a whole. The company believes that the transaction will enhance MotoGP’s competitive position in the evolving audiovisual entertainment market beyond sports. Liberty Media plans to work closely with the European Commission throughout the review process and anticipates a favorable outcome.

The Form 8-K filing also contained a cautionary note emphasizing forward-looking statements and potential risks associated with the transaction, including regulatory approval, integration costs, and unforeseen liabilities. Liberty Media urged investors to consider these risks and uncertainties while monitoring updates in subsequent SEC filings for more information.

Further disclosures related to this extension were made by Liberty Media under Regulation FD to comply with public disclosure requirements. The company remains committed to ensuring a smooth and successful completion of the acquisition process.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Formula One Group’s 8K filing here.

Formula One Group Company Profile

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.