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Liberty Media to purchase Formula One

Liberty Media will purchase auto racing league Formula One.

The mass media group will acquire Formula One in a deal that represents an equity value of $4.4 billion for the racing organization. Liberty Media will hold an 18.7 percent minority stake in the Formula One immediately, and then the remainder when the deal closes as early as the first quarter of 2017.

Chase Carey, executive vice president of 21st Century Fox, will be appointed chairman of Formula One. Bernie Ecclestone...