10:06 AM EDT, 06/13/2024 (MT Newswires) -- Liberty Global ( LBTYA ) said Thursday it plans to acquire Warner Bros. Discovery's ( WBD ) equity stake in the Formula E electric car racing series, increasing the telecom company's ownership stake to 65%.

Formula E is the Federation Internationale de l'Automobile-sanctioned electric world motor racing circuit, now in its 10th season of city street racing in 16 cities across four continents.

Financial terms and other details of the purchase agreement were not immediately disclosed. The deal is expected to close before the end of the year, subject to regulatory approval, according to Liberty Global ( LBTYA ).

Liberty class A shares were edging lower and Warner Bros. Discovery ( WBD ) shares were trading 3% lower in early Thursday trading.

Price: 17.79, Change: -0.02, Percent Change: -0.14