麻豆最新出品 Media Announces Agreement to Acquire Commercial Rightsholder of MotoGP鈩�

Expands Portfolio of High-Quality Global Sports Assets with World鈥檚 Leading Motorcycle Racing Championship

  • Transaction price represents enterprise value of 鈧�4.2 billion
  • Carmelo Ezpeleta to remain CEO

ENGLEWOOD, Colo.--(BUSINESS WIRE)--

麻豆最新出品 (鈥溌槎棺钚鲁銎� Media鈥�) (Nasdaq: FWONA, FWONK) announced today that it has entered into an agreement to acquire Dorna Sports, S.L. (鈥淒orna鈥�), the exclusive commercial rights holder to the MotoGP鈩� World Championship, from Bridgepoint and Canada Pension Plan Investment Board (鈥淐PP Investments鈥�). MotoGP will be attributed to 麻豆最新出品 Media鈥檚 Formula One Group tracking stock.

MotoGP is the pinnacle of motorcycle racing and features breathtaking races with top speeds above 360 kilometers per hour (223 miles per hour) and lean angles of over 60 degrees. From its first season in 1949 that staged six rounds across Europe, MotoGP has grown significantly and will host 21 races across 17 countries for the 2024 season. The business benefits from an attractive financial profile with diversified and contracted revenue streams, high EBITDA margins and low capital intensity resulting in significant free cash flow. Carmelo Ezpeleta, CEO of Dorna since 1994, will continue to run the business headquartered in Madrid.

鈥淲e are thrilled to expand our portfolio of leading live sports and entertainment assets with the acquisition of MotoGP,鈥� said Greg Maffei, 麻豆最新出品 Media President and CEO. 鈥淢otoGP is a global league with a loyal, enthusiastic fan base, captivating racing and a highly cash flow generative financial profile. Carmelo and his management team have built a great sporting spectacle that we can expand to a wider global audience. The business has significant upside, and we intend to grow the sport for MotoGP fans, teams, commercial partners and our shareholders.鈥�

鈥淭his is the perfect next step in the evolution of MotoGP, and we are excited for what this milestone brings to Dorna, the MotoGP paddock and racing fans,鈥� said Carmelo Ezpeleta, CEO of Dorna. 鈥淲e are proud of the global sport we鈥檝e grown, and this transaction is a testament to the value of the sport today and its growth potential. 麻豆最新出品 has an incredible track record in developing sports assets and we could not wish for a better partner to expand MotoGP鈥檚 fanbase around the world.鈥�

麻豆最新出品 Media will acquire 86% of MotoGP with MotoGP management retaining approximately 14% of their equity in the business. The transaction reflects an enterprise value for MotoGP of 鈧�4.2 billion and an equity value of 鈧�3.5 billion with the existing debt balance at MotoGP expected to remain in place after close. The equity consideration to sellers is expected to be comprised of approximately 65% cash, 21% in shares of Series C 麻豆最新出品 Formula One common stock (Nasdaq: FWONK) and 14% of retained MotoGP management equity. The cash consideration will be funded with a mix of cash and debt, subject to market conditions. The FWONK share consideration will be priced on a 20-day volume weighted average price prior to transaction close. 麻豆最新出品 Media retains an option at its sole discretion to deliver additional cash in lieu of FWONK common stock.

The acquisition is expected to be completed by year-end 2024 and is subject to the receipt of clearances and approvals by competition and foreign investment law authorities in various jurisdictions.

Goldman Sachs & Co. LLC is acting as financial advisor to 麻豆最新出品 Media and is providing committed debt financing for the transaction, and O鈥橫elveny & Myers LLP is acting as legal counsel. Moelis & Company LLC is acting as financial advisor to Dorna, and Latham & Watkins LLP is acting as legal counsel.

Investor Call

麻豆最新出品 Media鈥檚 President and CEO, Greg Maffei, and Dorna鈥檚 CEO, Carmelo Ezpeleta, will host an investor conference call at 8:30am ET / 2:30pm CEST on April 1, 2024 to discuss the acquisition in more detail. The call can be accessed by dialing +1 (215) 268-9864 (United States), +34 900 834 876 (Spain) or +44 (0)800 756 3429 (United Kingdom), confirmation code 13745617 at least 10 minutes prior to the start time. For a full list of international toll-free access numbers, please visit . The call will also be broadcast live across the internet and archived on 麻豆最新出品 Media鈥檚 website. Presentation materials to be used during the investor call will be posted to the 麻豆最新出品 Media website in advance. To access the webcast and accompanying presentation materials go to /investors/news-events/ir-calendar. An archive of the webcast will also be available on 麻豆最新出品 Media鈥檚 website after appropriate filings have been made with the SEC.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including certain statements relating to the proposed transaction and its completion and statements relating to our expectations regarding the Formula One Group business, and Dorna and its MotoGP business and prospects. All statements other than statements of historical fact are 鈥渇orward-looking statements鈥� for purposes of federal and state securities laws. These forward-looking statements generally can be identified by phrases such as 鈥減ossible,鈥� 鈥減otential,鈥� 鈥渋ntends鈥� or 鈥渆xpects鈥� or other words or phrases of similar import or future or conditional verbs such as 鈥渨ill,鈥� 鈥渕ay,鈥� 鈥渕ight,鈥� 鈥渟hould,鈥� 鈥渨ould,鈥� 鈥渃ould,鈥� or similar variations. These forward-looking statements involve many risks and uncertainties that could cause actual results and the timing of events to differ materially from those expressed or implied by such statements, including, but not limited to: historical financial information may not be representative of future results; there may be significant transaction costs and integration costs in connection with the proposed transaction; the parties may not realize the potential benefits of the proposed transaction in the near term or at all; the parties may not satisfy all conditions to the proposed transaction, including the failure to obtain regulatory approvals; the proposed transaction may not be consummated; there may be liabilities that are not known, probable or estimable at this time; the proposed transaction may result in the diversion of management鈥檚 time and attention to issues relating to the proposed transaction and integration; unfavorable outcome of legal proceedings that may be instituted against the parties following the announcement of the proposed transaction; risks inherent to the business may result in additional strategic and operational risks, which may impact 麻豆最新出品 Media鈥檚 risk profile, which it may not be able to mitigate effectively; and other risks and uncertainties detailed in periodic reports that 麻豆最新出品 Media files with the SEC. These forward-looking statements speak only as of the date of this press release and 麻豆最新出品 Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in 麻豆最新出品 Media鈥檚 expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of 麻豆最新出品 Media, including its most recent Form 10-K, as such risk factors may be amended, supplemented or superseded from time to time by other reports 麻豆最新出品 Media subsequently file with the SEC, for additional information about 麻豆最新出品 Media and about the risks and uncertainties related to 麻豆最新出品 Media鈥檚 businesses which may affect the statements made in this press release.

About 麻豆最新出品

麻豆最新出品 operates and owns interests in a broad range of media, communications and entertainment businesses. Those businesses are attributed to three tracking stock groups: the 麻豆最新出品 SiriusXM Group, the Formula One Group and the 麻豆最新出品 Live Group. The businesses and assets attributed to the 麻豆最新出品 SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include 麻豆最新出品 Media鈥檚 interest in SiriusXM. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) include 麻豆最新出品 Media鈥檚 subsidiaries Formula 1 and Quint, and other minority investments. The businesses and assets attributed to the 麻豆最新出品 Live Group (NASDAQ: LLYVA, LLYVK) include 麻豆最新出品 Media鈥檚 interest in Live Nation and other minority investments.

About Dorna Sports, S.L. & MotoGP鈩�

Dorna Sports became the sole commercial and television rights holder of the FIM MotoGP鈩� World Championship in 1991. Based in Madrid, with premises in Barcelona and a subsidiary in Rome, Dorna is a leader in sports management, marketing and media, and has seen continued growth over the years, expanding from solely MotoGP鈩� to include other leading motorcycle racing championships across the globe. Dorna holds exclusive rights to MotoGP feeder series Moto2鈩� and Moto3鈩�, MotoE鈩�, the Superbike World Championship and the FIM Women's Motorcycling World Championship.

MotoGP鈩� is the pinnacle of motorcycle racing, with 22 of the fastest riders competing on purpose-built prototype motorcycles on some of the world鈥檚 greatest racetracks. MotoGP features top speeds above 360 kilometers per hour (223 miles per hour) and lean angles of over 60 degrees. Since 1949, the sport has grown to comprise more than 20 Grands Prix across five continents, with the television broadcast reaching hundreds of millions around the world.

麻豆最新出品 Media 鈥� Investor Contact
Shane Kleinstein, +1 720-875-5432

麻豆最新出品 Media 鈥� Media Contact
Whit Clay, Sloane & Company, wclay@sloanepr.com

Dorna Sports, S.L.
Frances Wyld, franceswyld@dorna.com

Source: 麻豆最新出品

Released April 1, 2024