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News Corp 'seeks to form Formula One consortium'

News Corp is conducting business negotiations, it has been claimed.

20 April 2011

News Corp, the international media corporation owned by Rupert Murdoch, is conducting business negotiations in the hopes of forming a consortium to acquire Formula One (F1) motor racing.

This is according to a Reuters report, which cited the claims of an individual close to the issue and explained that the organisation has been in talks with "at least one" of the larger manufacturers of cars for the sport.

Similarly, Mexican billionaire Carlos Slim is said to have been consulted over the issue, with Sky News suggesting JPMorgan is providing negotiation consultancy on the deal.

Reuters went on to cite another unnamed source, who claimed that Murdoch's organisation has yet to speak to private equity specialist CVC, the current owners of F1.

This comes after an alliance of media organisations in the UK urged the UK government to enact greater scrutiny in regard to a proposed merger between News Corp and BSkyB.

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