Liberty Media (NASDAQ:FWONA), the U.S.-based owner of Formula One, has reached an agreement to acquire a majority stake in Dorna Sports, the parent company of MotoGP, as confirmed in a statement by MotoGP on Monday.

This landmark transaction will see Liberty Media taking control of approximately 86% of Dorna, leaving the management of Dorna with about 14% equity in the company.

The deal places an enterprise value on Dorna/MotoGP of €4.2 billion ($4.53 billion) and an equity value of €3.5 billion.

Greg Maffei, President and CEO of Liberty Media, expressed his enthusiasm for the acquisition, stating, "We are thrilled to expand our portfolio of leading live sports and entertainment assets with the acquisition of MotoGP."

This sentiment was echoed by Carmelo Ezpeleta, CEO of Dorna, who highlighted the positive impact of the acquisition on Dorna, the MotoGP paddock, and racing fans worldwide.

The acquisition process is anticipated to be finalized by the end of the current year, pending the necessary clearances and approvals from legal authorities.

This move by Liberty Media signifies a major expansion in the live sports domain, adding the premier class of motorcycle racing to its portfolio, which already includes Formula One.