Liberty Media Corp, the owner of Formula 1, is seeking legal council from O’Melveny & Myers regarding the planned acquisition of Dorna Sports, the rights holder of MotoGP World Championship motorcyle racing league. The deal, worth $3.8 billion dollars, would expand Liberty Media’s portfolio in live sports and entertainment offerings.Bloomberg Law reports this involvement is part of a larger trend for Liberty, as the company appeared to shift some work from long-time legal adviser Baker Botts over to O’Melveny as of March of last year.
The O’Melveny team was led by C. Brophy Christensen, corporate department co-chair, known for his past work that included advising for Palantir Technologies Inc. on a $200 million private placement, as well as Western Digital Corp. on two secondary public offerings totaling nearly $1.36 billion. Other O’Melveny partners who were involved in advising Liberty in the deal include Brad Finkelstein, Andrew Weiler, Noah Kornblith, and Robert Wann. Latham & Watkins reportedly advised Dorna Sports on the transaction.
The acquisition will see Liberty acquire 86% of MotoGP from Bridgepoint and the Canada Pension Plan Investment Board, while MotoGP management will retain the remaining equity in the company. For Liberty, this purchase is a step forward in the company’s plan to extend its offerings in live sports and entertainment. They are already the owners of Formula 1 racing and concert promoter, Live Nation Entertainment Inc.