Liberty Media's move to buy Formula One racing is brilliant, said TheStreet's Jim Cramer. Liberty Media agreed to buy Formula One Group from a consortium of sellers led by European financial investor CVC Capital Partners Group for $4.4 billion after years of ogling the target from the grandstands. The two-step acquisition will merge Formula One, via the target's Delta Topco parent company, with Liberty's Liberty Media Group live event division, ultimately giving Formula One's current owners 65% of the enlarged Liberty Media Group. The combined company will also be renamed Formula One Group and will zoom into Formula One's London headquarters.
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