(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. MONTMELO, SPAIN - MAY 15: F1 supremo Bernie Ecclestone on the grid during the Spanish Formula One Grand Prix at Circuit de Catalunya on May 15, 2016 in Montmelo, Spain. (Photo by Clive Mason/Getty Images)