The "long-awaited sale of Formula One may finally be nearing the finish line," according to Mattioli & Cimilluca of the WALL STREET JOURNAL. A number of bidders, including British broadcaster Sky, are reportedly "circling Formula One and a winner of the auction could emerge in the next few weeks." A deal "could value the racing series" at around $8B or more. Sources said that "other possible buyers participating in the process include a team of Discovery Communications Inc. and John Malone’s Liberty Global PLC." Should there be a deal, it is not "clear how much of the famed motor-racing company would be sold." In '06, CVC Capital Partners "bought majority control of Formula One." CVC has "flirted with the possibility of selling its stake for years" but for various reasons has not struck a deal. Rights to show "popular sporting events are considered increasingly valuable for channel distributors and advertisers amid a rise in ad-skipping technology and web-based entertainment" (WSJ, 7/29). SKY NEWS reported the Qatari owner of Paris St. Germain has "revived its interest in buying into the parent company of Formula One." Qatar Sports Investments has reached out to CVC Capital Partners "in recent days to discuss the possible acquisition of a minority stake." Sources close to QSI said that "it had not made a binding offer, and stressed that it could be interested in partnering with another F1 bidder rather than buying a stake on its own." CVC has been "running a process for several months to offload a significant shareholding in F1." Sources said that talks "have intensified in recent weeks about a deal" valuing the sport at between $8.1B and $8.5B, and a transaction "is likely to be agreed during the summer" (SKY NEWS, 7/30).
