Liberty Media Corporation (OTC:FWONB) Stock In Focus After Acquisition News
Important and potentially commercially lucrative deals almost always lead to considerable interest from investors and hence, it is likely that the Liberty Media Corporation (OTC:FWONB) stock could attract attention from investors today. On Monday the company announced that it had gone into an agreement to acquire Dorna Sports SI from Canadian Pension Plan Investment Board and Bridgepoint. The deal could be seen as a major milestone for Liberty Media Corporation since Dorna Sports is the holders of exclusive commercial rights for the MotoGP World Championship.
Following the acquisition MotoGP would be added to the Formula One Group tracking stock at Liberty Media Corporation. MotoGP is the highest level of motorcycle racing competition in the world and is known for its exciting races in which speeds can up to 223 miles an hour coupled with lean angles in excess of 60 degrees. MotoGP had been launched in 1949 and since then it grew at a fair clip. In the 2024 season, there would be 21 races stages in 17 nations. Following the acquisition, the Chief Executive Officer of Dorna since 1994 Carmelo Ezpeleta, would continue to oversee the business. Dorna is based out of Madrid, Spain.
The President and Chief Executive Officer of Liberty Media Corporation Greg Maffei spoke about the development as well. He stated that everyone at the company was thrilled at the prospect of having expanded its offering of leading edge live sports through the acquisition of the MotoGP rights. He went on to state that MotoGP had a loyal and enthusiastic fan base and boasted of a strong cash flow generative profile. He added that Dorna Sports had been successful in creating an attractive sporting franchise and Liberty Media Corporation was happy to take it to a far bigger audience on a global level. He concluded by noting that the business also had considerable upsides.
