The Liberty Media Group (NasdaqGS:LMCK) agreed to acquire remaining stake in Formula One World Championship Limited from CVC Capital Partners Limited and others on September 7, 2016. Liberty Media Group agreed to acquire Formula One World Championship Limited for $1.1 billion in cash, 138 million newly issued shares of Liberty Media Group, $351 million exchangeable debt instrument to be issued by Formula One and an assumption of $4.1 billion of existing Formula One debt. The discount of $75 million given in a related transaction will also be paid. In a related transaction Liberty Media Group acquired 18.7% stake in Formula One. Upon completion of the acquisition, the Liberty Media Group will be renamed the Formula One Group and the ticker symbols will be changed to FWON (A/B/K), respectively. The transaction will be funded through cash from Liberty Media group balance sheet, cash proceeds from Liberty Media Group public portfolio financing, cash from the balance sheet of Formula One and subordinated Liberty Media Group exchangeable notes. On October 27, 2016, Liberty Media acquired additional 0.4% stake in Formula One for $13 million. On December 14, 2016, Liberty Media announced agreements with third party investors to invest $1.6 billion to support the transaction. The third party investors include Coatue Management L.L.C., D. E. Shaw Group, Jana Partners LLC, Ruane, Cunniff & Goldfarb Inc., Soroban Capital Partners LP, Spo Advisory Corp., and Viking Global Investors LP. Pursuant to the transaction, the third party investors will hold 26% stake in Formula One. As of January 19, 2017, Liberty Media Corp intends to issue cash convertible senior notes in a private offering and expects to use the net proceeds of the offering to fund an increase to the cash consideration payable by $400 million. Chase Carey has been appointed by Formula One and will serve as the new Chairman of Formula One, succeeding Peter Brabeck-Letmathe, who will remain on Formula One's board as a non-executive director. Bernie Ecclestone will remain Formula One's Chief Executive Officer. Formula one will remain based in London. The completion of the acquisition is subject to certain conditions, clearances and approvals by antitrust, third-party consents and approvals, approval of Liberty Media's stockholders and Fédération Internationale de l'Automobile regulatory approval. The transaction is expected close in the first quarter of 2017. Special Meeting of Stockholders of The Liberty Media Group (NasdaqGS:LMCK) is scheduled for January 17, 2017. As on December 16, 2016, Competition Authority decided not to refer the following merger to a Phase 2 investigation. The transaction received all required approvals from all appropriate anti-trust authorities. As of January 17, 2017, stockholders of Liberty Media approved the deal. As of January 18, 2017, the deal is approved by the Fédération Internationale de l'Automobile. As of January 19, 2017, all closing conditions are satisfied and the deal is expected to close in January 2017. Morgan Stanley will serve as a financial advisor and Baker Botts LLP will serve as a legal advisor to Liberty Media. Guy Coltman, Paul Burton, Jamie Purdy and Andreas Kistler of Carey Olsen will serve as a legal advisor to Liberty Media. Goldman Sachs International will serve as a financial advisor and Freshfields Bruckhaus Deringer and Weil, Gotshal & Manges will serve as legal advisers to Formula One World Championship Limited. Partner Gianluca Calisti and Counsel Jérôme Le Berre of Dentons France acted as the legal advisor to CVC Capital Partners Limited. The Liberty Media Group (NasdaqGS:LMCK) completed the acquisition of Formula One World Championship Limited Limited from CVC Capital Partners Limited and others on January 23, 2017. Liberty Media Group paid $3.05 billion in cash, 56 million newly issued shares of Liberty Media Group, $351 million exchangeable debt instrument to be issued by Formula One and an assumption of existing $4.1 billion of Formula One debt and $0.7 billion in Formula One cash. Certain third party investors subscribed for $1.55 billion of newly issued shares of LMCK at a price of $25 per share. The proceeds from this investment were used to increase the cash portion of the aggregate consideration payable to the Selling Shareholders. The third parties are Coatue Management, L.L.C., D. E. Shaw Group, JANA Partners LLC, Ruane, Cunniff & Goldfarb Inc., Soroban Capital Partners LP, SPO Advisory Corp., and Viking Global Investors LP. The third party investors in the aggregate own approximately 29% of the Liberty Media Group’s outstanding equity and the selling shareholders own approximately 33%.