Bell Acquires Formula 1 Canadian Grand Prix Promoter
Bell, wholly owned by BCE Inc. (TSX: BCE), announced this morning that it has acquired the operations of Montréal-based Octane Racing Group Inc. The latter is the promoter of the Formula 1 Canadian Grand Prix.
The acquisition secures the promotion’s operations until 2031. With the Canadian Grand Prix having been cancelled both for its 2020 and 2021 cycles due to the pandemic, Bell’s investment is expected to give 2020 race ticket holders the option to attend the 2022 event or be refunded.
Following the acquisition, Octane Racing Group will continue to run as a standalone entity within the Bell group of companies to promote the Formula 1 Canadian Grand Prix. The firms CEO François Dumontier, together with all Octane employees, join Bell effective today.
Currently, Bell Media is a partner of Formula 1 and has the broadcast rights to Formula 1 World Championship until 2024. The company justified the seemingly unrelated transaction as a “commitment to deliver the most compelling content across every platform while increasing our presence in the Quebec media marketplace.”
As of the time of writing, no financial details regarding the transaction were provided.
BCE Inc. last traded at $57.99 on the TSX.
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