Jim Cramer: Liberty Media's Formula One Deal Is Brilliant

Liberty Media's (LMCK) move to buy racing fan's Formula One is brilliant, says TheStreet's Jim Cramer. Liberty Media agreed to buy Formula One Group from a consortium of sellers led by European financial investor CVC Capital Partners Group, for $4.4 billion, after years of ogling the target from the grandstands. The two-step acquisition will merge Formula One, via the target's Delta Topco parent company, with Liberty's media group live event division, ultimately giving Formula One's current owners 65 percent of the enlarged Liberty Media Group. The combined company will also be renamed Formula One Group and will zoom into Formula One's London headquarters.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.