Liberty Media receives nod from EU regulators for MotoGP offer

BRUSSELS (Reuters) -Formula One owner Liberty Media received unconditional clearance from EU regulators for its roughly 4 billion euros ($4.60 billion) acquisition of Dorna Sports, which owns MotoGP, the European Commission stated on Monday.Liberty Media had actually argued the transaction would enable it to grow the reach and appeal of MotoGP.Advertisement The commission said the decision followed a lengthy probe that analyzed

if the acquisition would minimize competitors for the licensing of sports content broadcasting rights.” Based upon the evidence collected, the Commission found that on such markets the business are not close competitors for the licensing of broadcasting rights for sports content,”the commission said in a declaration.”Therefore, the deal will not eliminate essential competitive restrictions in between Formula 1 and MotoGP,”it added.Liberty Media CEO Derek Chang invited the EU’s clearance and restated he saw the potential for strong development in MotoGP.Advertisement” Today’s approval from the European Commission marks the final condition to closing Liberty’s acquisition of MotoGP,” stated Chang.

“MotoGP is an extremely attractive premium sports asset with incredible racing, an enthusiastic fanbase and a strong cash flow profile.

We believe the sport and brand name have substantial development potential, which we will seek to recognize through deepening the connection with the core fan base and broadening to a broader worldwide audience,”he added.Liberty Media stated its acquisition of 84 %of Dorna deserved 4.3 billion euros on an enterprise worth basis, and represented an equity worth of 3.7 billion euros.Reuters had reported that EU regulators were poised to authorize the acquisition in April.( $1=0.8703 euros )( Reporting by Makini Brice; Modifying by Sudip Kar-Gupta)