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Earlier this morning, John Malone’s Liberty Global announced that it was buying Warner Bros. Discovery’s 25 percent stake in Formula E, the F1 spinoff for electric cars, giving the entity a controlling 65 percent position. On a practical level, the deal made plenty of sense. Malone, who sits on the WBD board, knows that his protégé David Zaslav must sell off non-core assets to service their company’s nearly $40 billion in debt. As part of a much smaller deal, for instance, WBD recently sold the Global Cycling Network back to its original owners.
