Liberty Media Moves to Bolster Formula One With Reallocation
- Shift of assets, cash boosts racing unit at expense of Sirius
- Formula One has endured flat revenue, race cancellations
Photographer: Mark Thompson/Getty Images
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John Malone’s Liberty Media Corp. moved to shore up its Formula One Group auto-racing unit, shifting some assets among Liberty’s wide variety of properties and injecting more cash into the division.
The holding company reattributed $1.5 billion in net asset value to Formula One from Liberty SiriusXM Group, the satellite-radio operator, and reattributed another $1.5 billion in net asset value to Liberty SiriusXM from Formula One, according to a statement Thursday.