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Liberty Media closes Formula 1 deal; AMC Entertainment buying Nordic Cinema

S&P Global Market Intelligence provides a wrap-up of U.S. media and communications deal announcements and completions from Jan. 23 to Jan. 27.

* Live Nation Entertainment Inc. acquired a controlling interest in U.K.-based festivals promoter Cuffe & Taylor, as part of plans to expand its presence in Britain, according to a Jan. 23 news release. Cuffe & Taylor promotes the Lytham Festival and Greenwich Music Time, among other events. Current Cuffe & Taylor joint directors Daniel Cuffe and Peter Taylor will continue to lead the British promoter.

* Liberty Media Corp. said Jan. 23 that it completed its acquisition of motorsports business Formula One Administration Ltd. from a consortium of sellers in a deal with an enterprise value of $8 billion and an equity value of $4.4 billion. In the wake of the acquisition, Formula 1 appointed current Chairman Chase Carey as CEO, with Bernie Ecclestone as chairman emeritus. Formula One will continue to be based in London, with Greg Maffei as deputy board chairman. Liberty Media Group plans to rebrand itself as the Formula One Group following deal completion.

* Lumos Networks Corp. completed the acquisition of Clarity Communications Group Inc., according to a Jan. 23 news release. Clarity operates a 730-mile fiber network with 75 on-net locations, with most of its operations in North Carolina.

* Time Inc.-owned people-based advertising technology unit Viant Technology LLC agreed to acquire Adelphic Inc., which operates a mobile-first, cross-channel programmatic advertising platform, according to a Jan. 23 news release. The deal is expected to close during the first quarter.

* Sprint Corp. said Jan. 23 that it acquired a 33% stake in Jay Z's music and entertainment platform Tidal. The carrier acquired the stake as part of the company's partnership with Tidal that will allow current and new Sprint customers to access exclusive content from Tidal and its artists. Jay Z and the artist-owners will continue to run Tidal's service, while Sprint CEO Marcelo Claure will become a member of Tidal's board.

* AMC Entertainment Holdings Inc. said Jan. 23 that it agreed to buy Stockholm-based Nordic Cinema Group Holding AB from European private equity company Bridgepoint and Swedish media group Bonnier Holding for 8.25 billion Swedish kronor, or US$929 million. The boards of AMC and Nordic Cinema's ownership group have approved the deal, which is expected to be completed before June 30, and is conditional upon antitrust clearance by the European Commission. Nordic Cinema's current management team will continue to lead the company, with some of the executives expected to assume increased pan-European responsibilities for AMC and its Odeon unit. Nordic Cinema will become a subsidiary of Odeon, and will continue to operate under local Nordic and Baltic brand names. Dalian Wanda Group Co. Ltd. owns AMC Entertainment.