THE EUROPEAN COMMISSION APPROVES THE ACQUISITION OF DORNA BY LIBERTY MEDIA WITHOUT CONDITIONS
On 23 June 2025, the European Commission (Commission) unconditionally cleared the acquisition of Dorna Sports by Liberty Media under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (the EU Merger Regulation).
The notified transaction, submitted under Article 4 of the EU Merger Regulation, involved Liberty Media, a company registered in the United States and active in media, sports and entertainment, acquiring sole control (within the meaning of Article 3(1)(b)) over Dorna Sports, a Spanish company previously under the joint control of Bridgepoint Group plc and the Canadian Pension Plan Investment Board (CPPIB). The deal was structured as a share acquisition: Liberty Media acquired 86% of Dorna’s equity, whilst certain members of Dorna’s management retained a minority stake of approximately 14%.
Given Liberty Media ownership of the Formula One Group, the acquisition raised concerns about its potential to reshape the competitive landscape for sports broadcasting, particularly since Dorna holds the exclusive commercial rights to MotoGP.
Following an in-depth Phase II investigation, the Commission examined whether the concentration would reduce competition in the licensing of broadcasting rights for sports content.
Whilst it acknowledged the possibility of defining a broad market encompassing all sports rights, it also identified two narrower criteria often used by broadcasters: the distinction between regular vs. irregular sports (for example, national leagues vs. the Olympics), and between premium vs. non-premium sports (for example, national football leagues and the UEFA Champions League vs. other content). Formula 1 and MotoGP were thus considered part of a regular, non-premium sports segment.
Focusing on this narrowest plausible definition, the Commission conducted a national-level assessment across Czechia, Germany, Italy, Malta, the Netherlands and Spain. It found that Formula 1 and MotoGP are not close competitors in these markets, and that sufficient alternatives would remain available to broadcasters post-transaction. The deal, therefore, would not eliminate significant competitive constraints.
The decision also addressed potential conglomerate effects linked to Mr. John Malone, Liberty Media largest shareholder, who also holds interests in Liberty Global, a broadcaster active in Belgium, Ireland and the Netherlands. After a thorough review, the Commission found no evidence of decisive influence or foreclosure risks arising from this cross-shareholding.
This unconditional clearance represents a landmark moment in the application of EU merger control to high-profile transactions in the sports and media sectors. Unlike in the 2006 CVC/SLEC case, where the Commission prohibited joint control over both F1 and MotoGP, the present decision reflects how market evolution, particularly the fragmentation of audiences and the rise of streaming platforms, can shift the competitive analysis.
For rights holders, broadcasters and investors, this case confirms that common ownership of major sports properties is not per se anti-competitive, provided that there is no evidence of any market foreclosure or undue consolidation of bargaining power.
We act in all aspects of sports marketing, mergers and broadcasting at the EU and national levels, and further information may be obtained from Dr Estelle Ivanova by emailing her at ivanova@valloni.ch.