EC OKs Liberty Media, MotoGP deal
June 24, 2025
By Colin Mann
Liberty Media has received unconditional approval from the European Commission to complete its acquisition of MotoGP rights holder Dorna Sports. The deal is now expected to close no later than July 3rd, opening the door to a new era for the sport.
MotoGP is already currently seeing record crowds, new venues and growing audiences. Liberty Media says it will now leverage its expertise to further increase MotoGP’s fanbase and grow the sport globally and commercially.
Carmelo Ezpeleta, CEO of Dorna since 1998, will continue to run MotoGP along with his management team.
“Today’s approval from the European Commission marks the final condition to closing Liberty’s acquisition of MotoGP,” commented Derek Chang, Liberty Media President and CEO. “We are thrilled to officially commence Liberty’s partnership with Carmelo and his excellent management team. MotoGP is a highly attractive premium sports asset with incredible racing, a passionate fanbase and a strong cash flow profile. We believe the sport and brand have significant growth potential, which we will look to realise through deepening the connection with the core fan base and expanding to a wider global audience.”
“We are very happy that the European Commission has approved the transaction,” added Ezpeleta. “This is an important milestone confirming the even brighter future that lies ahead for MotoGP. “MotoGP is one of the most thrilling sports on Earth, and we look forward to accelerating the sport’s growth and expanding its reach to even more fans around the world. Liberty is the best possible partner for our sport and the entire MotoGP community, and we are excited to create even greater value for our fans, commercial partners and everyone competing.”
Liberty Media will acquire 84 per cent of Dorna Sports with MotoGP management retaining 16 per cent of the business.
The Commission concluded that the merger would not raise competition concerns in the European Economic Area (EEA).
The decision follows an in-depth investigation of the proposed transaction. Liberty Media and Dorna are both international media companies. Liberty Media owns interests in a broad range of media, sports and entertainment businesses, including the motorcar competition Formula 1. Dorna is the organiser and holder of the commercial rights for the motorcycle competition FIM World Championship Grand Prix (‘MotoGP’). According to Liberty Media, the transaction will allow it to use its experience in media, sports and entertainment, including with Formula 1, to grow the reach and appeal of MotoGP.
The Commission’s investigation
In the context of its in-depth investigation, the Commission assessed whether the transaction would reduce competition in the licensing of broadcasting rights for sports content. More specifically, the Commission found that:
- Formula 1 and MotoGP face competitive constraints from several other types of sports content. Based on its market investigation, the Commission found that, in terms of the product scope, it was appropriate to consider a broad definition of the market for the licensing of broadcasting rights of sports content that included all kind of sports content.
- However, the Commission also identified two criteria that could indicate a narrower market. First, broadcasters often distinguish between regular sports (i.e., sport events scheduled on a seasonal basis, such as football leagues) and irregular sports (i.e., sport events that only occur occasionally, such as the Olympics and the FIFA World Cup).
- Second, because a very small number of sport events are significantly more popular, and their license fees significantly more expensive than all other sports, another distinction could be made between premium and non-premium sports. The sports belonging to a potential premium segment would differ between each country. The Commission found that, in most countries, a potential premium sports market would include the national football league and the UEFA Champions League. Assuming such distinction, Formula 1 and MotoGP would thus be part of a regular, non-premium sports market.
- The geographic scope of the market for the licensing of broadcasting rights of sports content is national. While leaving the exact product market definition open, the Commission therefore assessed the effects of the transaction on the narrowest plausible market, that is the national market for the licensing of broadcasting rights for all regular non-premium sports content in Czechia, Germany, Italy, Malta, the Netherlands and Spain.
- Based on the evidence gathered, the Commission found that on such markets the companies are not close competitors for the licensing of broadcasting rights for sports content. It also found that, following the transaction, broadcasters would continue to be able to license a range of other sports attracting larger or similarly large audiences. Therefore, the transaction will not remove important competitive constraints between Formula 1 and MotoGP.
- There is also insufficient evidence that John Malone, Liberty Media’s largest shareholder, could exercise decisive influence over Liberty Global. In particular, the Commission assessed whether Malone controls both Liberty Media and Liberty Global and, if that were to be the case, whether the transaction would raise competition concerns because of the activities of Liberty Global as a broadcaster in Belgium, Ireland and the Netherlands. However, the Commission concluded that Malone does not exercise decisive influence over Liberty Global and that, even if that were to be the case, the link between MotoGP and the activities of Liberty Global created by the merger would not significantly impede effective competition.
The Commission therefore concluded that the proposed acquisition would not raise competition concerns in the EEA and cleared it unconditionally.
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