How much do DIRECTV technicians earn
Millions of television viewers worldwide consider Formula 1 car racing to be a sport. John Malone thinks it's business. And that's why the US media entrepreneur has put $ 4.4 billion (3.9 billion euros) on the table for the Formula 1 company. He wants to incorporate racing, which is becoming more popular in the USA, into his media platforms.
The deal between Malone and Luxembourg-based CVC Capital Partners was announced on Wednesday. The cost of the takeover could rise to eight billion dollars because the media company has to take over the debts of the Formula 1 owner. European competition watchdogs must also approve the takeover.
It is not the first time that 75-year-old Malone is involved in the sports business. He has a stake in the Atlanta Bracers' major league baseball team. And its Discovery Channel bought Eurosport for $ 1.1 billion in 2015.
The Nascar races are still more popular in the USA than Formula 1. But the number of spectators has increased by 40 percent since 2013. Malone is convinced that he can not only increase the appeal of Formula 1, but also the profits of currently 1.2 billion dollars from event revenues, TV rights and advertising.
Malone's private fortune is currently estimated by Forbes magazine at 6.3 billion euros. This puts him at number 184 on the list of the richest people. The father of two is also considered the largest landowner in the United States with 890,000 hectares. He also owns Humewood Castle in Ireland.
In 2006, the economist and engineer made headlines through a deal with media mogul Rupert Murdoch. He was the second largest shareholder in Murdoch's News Corporation. He in turn owned shares in Malones DirecTV. Both traded their respective shares, effectively making Murdoch sole ruler of News Corporation and giving Malone a massive platform for his cable television business.
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