Live Post
Infosys MD & CEO Vishal Sikka resigns, Pravin Rao interim chief
Rescue Hyderabad minor from Omani sheikh: Maneka Gandhi to Sushma Swaraj
After SBI, now HDFC Bank and Yes Bank cut interest rate on savings
Election Commissioner speaks out: 'Winning at all cost, without ethics, is new normal in politics'
Karti Chidambaram says will appear before CBI on August 23, seeks protection
USS Fitzgerald captain during collision that killed 7 to lose command

Discovery, Liberty Global invest in Formula E

MUMBAI: Auto racing league Formula E Holdings has announced that Liberty Global and US infotainment broadcaster Discovery are to become part of the group of shareholders in the company.

The arrival of these two global media companies represents an important step in the long-term development of the series and confirms its potential on the motorsport scene. Their strategic vision and strong financial backing will provide stability as well as creating a solid base from which the company can expand in the future.

Formula E Holdings CEO Alejandro Agag said, “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. The experience and knowhow 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.”

Liberty Global’s media investments group president Niall Curran said, “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.”

Discovery chief development, digital officer, general counsel Bruce Campbell said, “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 motorsport”.

The first season is currently going on. The second season of Formula E will be held from September 2015 to June 2016. The calendar will be expanded to 12 cities. The season will see the introduction of eight manufacturers, who will be allowed to change certain parts of the car.