The shareholders of Liberty Media Corporation will vote on plans surrounding the company’s proposed acquisition of Formula 1 at a meeting next month.
Liberty announced back in September that it had agreed to acquire F1 from its current majority shareholder, CVC, in a deal worth an estimated $8 billion.
Liberty has already completed the first stage of its buyout, acquiring an 18.7% minority stake in a cash deal.
The shareholders of the company will now vote on various plans surrounding the deal should it go ahead at a meeting on January 17, 2017.
A statement from Liberty notes that shareholders “will be asked to vote on proposals relating to Liberty’s issuance of shares of its Series C Liberty Media common stock in connection with the proposed acquisition of Formula 1 and the renaming of the Liberty Media Group and the Liberty Media common stock to the Formula One Group and the Liberty Formula One common stock, respectively, following the proposed acquisition of Formula 1 by Liberty.”
Liberty’s arrival in F1 has already resulted in the appointment of American businessman Chase Carey as the sport’s new chairman, with an expansion of interests in the United States expected to follow.
Long-standing CEO Bernie Ecclestone will remain in his position following the proposed takeover, working closely with Carey to continue to develop F1.