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Liberty Media receives antitrust approvals for Formula One acquisition

Liberty Media Corp.'s pending acquisition of motor-racing firm Formula One has cleared all required antitrust reviews and is expected to close in the first quarter of 2017, the company said Dec. 16.

The deal remains subject to approval by certain Liberty Media stockholders and Formula One's governing body, the Fédération Internationale de l'Automobile. Liberty Media's special stockholder meeting is scheduled for Jan. 17, 2017.

Liberty Media in September struck a $4.4 billion deal to purchase the motor-racing company. Liberty Media initially acquired an 18.7% stake in Formula One for $746 million in cash. The company on Oct. 27 completed a 0.4% follow-on investment for roughly $13 million in cash, increasing its stake to about 19.1% on a fully diluted basis. Third-party investors recently agreed to invest $1.55 billion in Liberty Media to help complete the Formula One deal.