Motorsport Network have announced that they have acquired a shareholding in the Formula E Championship.
The motorsport digital technology business, who own Motorsport.com and Autosport among several other outlets, said that they had purchased an unspecified number of shares in Formula E Holdings Limited, the commercial rights holder for Formula E.
The company said that it was part of a broader strategy to take a leading position in elective vehicle and electric racing media.
Making the announcement ahead of the first virtual Formula E race in Las Vegas, Motorsport.com’s Chairman Zak Brown said that the purchase was made following a growth in engagement in the series through their motorsport publications.
Brown said, “Formula E has garnered the attention of capital cities, car makers and technology businesses alike.
“The intelligence we can add to this picture is a discernible trend among our digital motorsport audiences to consume the racing content from Formula E.
“This has underwritten our decision to invest in the series.”
Motorsport Network said that the investment would also coincide with a push on their automotive website Motor1.com to have more content focused on electric vehicles.
This again, according to their Editor-in-Chief John Neff, was based on increased interest from their readership in green automotive developments.
Speaking about the purchase, founder and CEO of Formula E, Alejandro Agag said that the decision was made due to the growth of interest in the sport.
He said, “The investment decision made by Motorsport Network has been evidence-based – a data-led decision driven by the growth in demand for Formula E content on the world’s leading motorsport websites.
“This is the fusion of two future-focused businesses that are re-shaping motor racing for the digital generation that will bring the benefit of the most integrated and extensive motoring and motorsport media operation to our series.”