Bernie Ecclestone has been reportedly asked to stay on for three years. Photograph: (Getty)
Liberty said it would keep Bernie Ecclestone, who has long controlled the racing group, as F1's chief executive
US billionaire John Malone's cable TV firm Liberty Media has bought Formula One for $4.4 billion.
Bernie Ecclestone, who owned the racing business for decades, will be the chief executive of Formula One, the company said.
"They (Liberty Media) want me to be here for three years," Ecclestone had told Reuters a few days back, although Liberty didn't specify a timeframe.
21st Century Fox chairman Chase Carey will be the company's new chairman.
"We are excited to become part of Formula One," AFP quoted Liberty Media president and chief executive Greg Maffei as saying.
"We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders."
The deal was sealed after months of negotiations.
Malone's Libert Media is the world's largest international TV and broadband company.
(WION with inputs from agencies)