Mercedes AMG Petronas F1 Team's British driver Lewis Hamilton drives back to the pit lane during the first practice session ahead of the Formula One Hungarian Grand Prix at the Hungaroring circuit near Budapest, on July 22, 2016. / AFP / ANDREJ ISAKOVIC (Photo credit should read ANDREJ ISAKOVIC/AFP/Getty Images)

Liberty Media Corporation, which operates and owns interests in a broad range of media, communications and entertainment businesses, held a special meeting of their stockholders on January 17, 2017 at 11:00 a.m. MT, to discuss approval of their proposed takeover of Formula One.

At the meeting, stockholders approved the said proposal relating to the pending acquisition of Formula 1. Liberty, who already holds a 19% stake in the pinnacle of Motorsport announced in December, that they would raise further funds of more than $1.5 billion to complete the takeover.

They also approved a proposal relating to the adoption of the amendment and restatement of Liberty Media's restated certificate of incorporation to effect the name change of the "Media Group" and the "Liberty Media Common Stock" to the "Formula One Group" and the "Liberty Formula One Common Stock," respectively.

The closing of the Formula One acquisition remains conditioned upon approval from the Fédération Internationale de l'Automobile, the sports governing body with the purchase expected to be completed before the end of the first quarter in 2017.