Sept. 2, 2016: Formula One CEO Bernie Ecclestone gives the thumbs-up sign during the first practice session for the Italian Grand Prix at Monza racetrack (AP/Luca Bruno)
LONDON – Formula One is being bought by Liberty Media, a U.S. company that invests in entertainment and sports, in a takeover valuing the motorsport series at $8 billion.
Liberty Media, which is controlled by 75-year-old tycoon John Malone, has ended years of uncertainty about the ownership of the sport with Wednesday's deal.
The transition is due to be overseen by F1 CEO Bernie Ecclestone, who told The Associated Press that he will retain his role as the sport enters a new era.
Liberty Media will be renamed Formula One Group after the deal is complete, which is expected by March 2017.
F1's biggest shareholder is investment fund CVC Capital Partners.
Fox News First
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox.
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.