US communications billionaire John Malone’s Liberty Media announced Wednesday it had sealed a deal to buy Formula One for $4.4 billion.

Liberty said it would keep Bernie Ecclestone, who has for 40 years controlled the racing group, as Formula One chief executive, but also named Chase Carey, the vice chairman of 21st Century Fox, as the company’s new chairman.

Liberty will take control by buying 100 percent of Formula One controlling shareholder Delta Topco from CVC Capital Partners, the British investment group that bought into Formula One in 2005. Liberty already has interests in several sports and entertainment businesses, including the Atlanta Braves Major League Baseball team.