Formula One owner Liberty Media shares up after GM entry

Investing.com - Formula One owner Liberty Media Formula One Corp A (NASDAQ:FWONA ) shares were up more than 4% at $80. The company has reached an agreement in principle with General Motors (NYSE:GM ) to support bringing GM/Cadillac as the 11th team to the Formula 1 grid in 2026.

The GM/Cadillac team is expected to compete with engine from another manufacturer, and will compete with GM engines later, which is likely to be 2028. 

“With Formula 1’s continued growth plans in the US, we have always believed that welcoming an impressive US brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring additional value and interest to the sport," Greg Maffei, CEO of Liberty Media

Liberty Media earlier this month also spun off most of its other assets, in order to focus on its motorsports businesses and announced a CEO succession program.

Following the spin-off, Liberty Media will mostly consist of motorsports subsidiaries Formula One and MotoGP, along with some other related sports investments.

Source: Investing.com