LONDON (AP) — Rupert Murdoch’s News Corp (News – Alert). and an investment company linked to Ferrari are working on a joint bid to take over Formula One.
In a joint statement, Italian investment firm Exor and News Corp. say they “are in the early stages of exploring the possibility of creating a consortium with a view to formulating a long–term plan for the development of Formula One.”
The statement adds that “over the coming weeks and months, EXOR and News Corporation will approach potential minority partners and key stakeholders.”
Exor is the leading shareholder in the Fiat Group, which owns F1 team Ferrari.
F1 is currently owned by private equity firm CVC Capital.
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