(FILE PHOTO) US Media Firm Liberty Media is set to buy Formula 1 for $4.4bn/£3.3bn. Bernie Ecclestone is due to remain as chief executive with Chase Carey, vice-chairman of 21st Century Fox to become the new chairman. SPA, BELGIUM - AUGUST 22: F1 supremo Bernie Ecclestone looks on in the paddock during qualifying for the Formula One Grand Prix of Belgium at Circuit de Spa-Francorchamps on August 22, 2015 in Spa, Belgium. (Photo by Lars Baron/Getty Images)