Rumormill: Murdoch's News Corp considering Formula 1 takeover
#1
04-22-2011, 10:20 AM
Rumormill: Murdoch's News Corp considering Formula 1 takeover
Filed under: Motorsports, Earnings/Financials, Rumormill
You've probably heard the old saying that the best way to make a small fortune in Formula One racing is to start with a big fortune. The Telegraph in the UK is reporting that Rupert Murdoch's News Corp. may be looking to put that saying to the test, as the media empire is reportedly engaged in early talks to take over the popular global racing series. The talks reportedly also include Sauber sponsor Carlos Slim, who happens to be among the richest men in the world, and companies connected to at least one of F1's car manufacturers.
The talks are reportedly so fresh that they have not yet involved private equity firm CVC Capital Partners, which currently holds the keys to the racing series. F1 has proven to be popular with its fan base, though there have been plenty financial of struggles as many automakers and banks have bailed on the sport.
Another option for Murdoch (above) is to make a play to buy the broadcast rights to F1. The move could generate more money for the sport, while giving it a larger worldwide spotlight.
Since these talks are little more than rumor at this point, it's difficult to discern whether anything will come of it. But given Carlos Slim's love the sport and News Corp's history of shelling out big bucks for NFL broadcasting rights, we'd add that anything is possible.
[Source: Telegraph | Image: Mark Wilson/Getty]Rumormill: Murdoch's News Corp considering Formula 1 takeover originally appeared on Autoblog on Fri, 22 Apr 2011 10:30:00 EST. Please see our terms for use of feeds.
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You've probably heard the old saying that the best way to make a small fortune in Formula One racing is to start with a big fortune. The Telegraph in the UK is reporting that Rupert Murdoch's News Corp. may be looking to put that saying to the test, as the media empire is reportedly engaged in early talks to take over the popular global racing series. The talks reportedly also include Sauber sponsor Carlos Slim, who happens to be among the richest men in the world, and companies connected to at least one of F1's car manufacturers.
The talks are reportedly so fresh that they have not yet involved private equity firm CVC Capital Partners, which currently holds the keys to the racing series. F1 has proven to be popular with its fan base, though there have been plenty financial of struggles as many automakers and banks have bailed on the sport.
Another option for Murdoch (above) is to make a play to buy the broadcast rights to F1. The move could generate more money for the sport, while giving it a larger worldwide spotlight.
Since these talks are little more than rumor at this point, it's difficult to discern whether anything will come of it. But given Carlos Slim's love the sport and News Corp's history of shelling out big bucks for NFL broadcasting rights, we'd add that anything is possible.
[Source: Telegraph | Image: Mark Wilson/Getty]Rumormill: Murdoch's News Corp considering Formula 1 takeover originally appeared on Autoblog on Fri, 22 Apr 2011 10:30:00 EST. Please see our terms for use of feeds.
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