Saturday, April 23, 2011

Rupert Murdoch establish a consortium to buy F1

The Australian media tycoon, Rupert Murdoch's News Corp. over the company's stock after the Formula 1 (F1). They will form a consortium to buy the F1.

News Corp. is in early talks for that. According to Reuters, the news was leaked secrets from one of the members of the F1 teams and Mexican billionaire of Carlos Slim.

News Corp. seems to be a duet with Slim to buy F1. Moreover, Slim is not foreign players in F1 to make one of the sponsoring company Telmex Sauber team. Slim's Telmex led by the oldest son, Carlos Slim Domit.

The news first came from Sky News UK which is also owned by News Corp.. According to Sky, JPMorgan will become adviser to News Corp. in this acquisition. News Corp. will try to give offerings within the next 18 months. News Corp now owns 39 percent stock of BSkyB's cable television which it is also owner of Sky News.

So far, News Corp. has not been in contact with the owner of F1 and submit bids. F1's biggest stock is owned by CVC who bought it from a company owned by Bernie Ecclestone, SLEC in 2006. Ecclestone still was asked to become CEO of F1.

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