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On 23 June 2025, the European Commission (Commission) unconditionally cleared the acquisition of Dorna Sports by Liberty Media under\u00a0Council Regulation (EC) No 139\/2004\u00a0on the control of concentrations between undertakings (the\u00a0EU Merger Regulation).<\/p>\n
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\u00a0sole control\u00a0(within the meaning of Article 3(1)(b)) over\u00a0Dorna Sports, a Spanish company previously under the joint control of\u00a0Bridgepoint Group plc\u00a0and the\u00a0Canadian Pension Plan Investment Board (CPPIB). The deal was structured as a share acquisition: Liberty Media acquired 86% of Dorna\u2019s equity, whilst certain members of Dorna\u2019s management retained a minority stake of approximately 14%.<\/p>\n
Given Liberty Media ownership of the\u00a0Formula 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\u00a0MotoGP.<\/p>\n
Following an in-depth\u00a0Phase II investigation, the Commission examined whether the concentration would reduce competition in the licensing of broadcasting rights for sports content.<\/p>\n
Whilst it acknowledged the possibility of defining a\u00a0broad market\u00a0encompassing all sports rights, it also identified two narrower criteria often used by broadcasters: the distinction between\u00a0regular vs. irregular sports\u00a0(for example, national leagues vs. the Olympics), and between\u00a0premium vs. non-premium sports\u00a0(for example, national football leagues and the UEFA Champions League vs. other content). Formula 1 and MotoGP were thus considered part of a\u00a0regular, non-premium sports segment.<\/p>\n
Focusing on this\u00a0narrowest plausible definition, the Commission conducted a national-level assessment across\u00a0Czechia, 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.<\/p>\n
The decision also addressed potential\u00a0conglomerate effects\u00a0linked to\u00a0Mr. John Malone, Liberty Media largest shareholder, who also holds interests in\u00a0Liberty 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.<\/p>\n
This\u00a0unconditional clearance\u00a0represents a\u00a0landmark moment\u00a0in the application of EU merger control to high-profile transactions in the sports and media sectors. Unlike in the\u00a02006 CVC\/SLEC case, where the Commission prohibited joint control over both F1 and MotoGP, the present decision reflects how\u00a0market evolution, particularly the fragmentation of audiences and the rise of streaming platforms, can shift the competitive analysis.<\/p>\n