News Corp mulls Formula 1 takeover

Rupert Murdoch’s News Corporation is thought to be considering a bid to acquire Formula 1 racing.

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The media giant has reportedly held exploratory talks with Mexican billionaire Carlos Slim and one of the sport’s manufacturers, rumoured to be Ferrari, about forming a consortium to take over F1.

The interest, however, was described by Sky News as being in the “embryonic” stage and no offer is thought to have been made to the sport’s owner, private equity firm CVC Capital Partners.

Any deal is likely to be heavily scrutinised by regulators. It would be first time that the media company, which has exclusive rights to show live Premier League football in the UK, has taken over an entire sport.

F1 chief Bernie Ecclestone, however, has scotched reports. He told The Times: “It’s rubbish. The sport is not for sale”.

Sources close to the matter have said that an acquisition is just one of a number of options being considered. A failed bid could prompt an attempt to secure the rights to broadcast the sport, which is currently shown on BBC in the UK.

News Corp says that it does not comment on speculation.

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