John Malone's Liberty Global Plc and Discovery Communications Inc are in discussions with the owners of Formula One to bridge a $1 billion gap in the valuation of the motor-racing series as they seek to purchase a 49 percent stake, according to Bloomberg. CVC Capital Partners, a London-based private equity firm, and Lehman Brothers Holdings want about $500 million more for the stake, the report said, citing people with knowledge of the matter. (link.reuters.com/sew99v)Discussions with CVC Capital Partners Ltd and Lehman Brothers are ongoing although a deal may not be reached, the report added.CVC remains the largest shareholder in Formula One with a stake of around 35 percent.CVC may also contemplate an initial public offering of Formula One, according to Bloomberg, although the sources added that it is unlikely to occur before the conclusion of a trial involving Chief Executive Officer Bernie Ecclestone.
Discovery Communications, Inc. (Discovery) is a global nonfiction media and entertainment company that provide programming across multiple distribution platforms worldwide. Shares of DISCA fell by 0.23% or $-0.18/share to $78.50. In the past year, the shares have traded as low as $71.56 and as high as $90.76. On average, 1600870 shares of DISCA exchange hands on a given day and today's volume is recorded at 1094558.
Shares of LBTYA fell by 2.57% or $-1.14/share to $43.26. In the past year, the shares have traded as low as $35.17 and as high as $46.46. On average, 3639640 shares of LBTYA exchange hands on a given day and today's volume is recorded at 3484134.
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