By alley - Jan 18, 2017, 11:13 AM ET

F1: Liberty stockholders approve takeover plans

Liberty Media stockholders have approved the next stage of the corporation's takeover of Formula 1 following a special meeting.

Having agreed to purchase a majority shareholding in F1 in September 2016, valuing the sport at $8 billion, Liberty has been progressing with the deal on a number of fronts, including

securing $1.55 billion

from a group of investors in December. That investment resulted in an increase in the amount of cash being paid to the selling shareholders, with the third party investors receiving a shareholding as the overall total shares issued by Liberty in relation to the deal remains the same.

On Tuesday, Liberty stockholders met at its corporate offices in Colorado to discuss the next stage of the acquisition and vote on the issuance of new shares, as well as a name change.

Liberty has confirmed the stockholders "approved a proposal relating to the issuance of shares of Series C Liberty Media common stock in connection with its pending acquisition of Formula 1 (the 'Acquisition')" as well as "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."

Liberty's proposed takeover still needs to be approved by the FIA, having "

received all required approvals from all appropriate anti-trust authorities

" at the end of 2016.

"The closing of the Acquisition remains conditioned upon approval from the Fédération Internationale de l'Automobile, the governing body of Formula 1. The Acquisition is still expected to close before the end of the first quarter in 2017."