Liberty Media, a US based media and communications company with interests in Atlanta Braves baseball team and satellite radio service Sirius XM, said it would buy the cash-rich sports Formula One Racing for $4.4 billion.

US cable TV pioneer John Malone-led Liberty Media will buy Formula One from a group led by private equity firm CVC Capital Partners.

Liberty Media is the world's largest international television and broadband company, operating in more than 30 countries in Europe, Latin America and the Caribbean through a series of different brand names.

The deal, which has an enterprise value of $8 billion, heralds a new era for a European-dominated sport that has long sought to break into the US market and win fresh audiences. – Reuters