Formula E Holdings has announced that Liberty Global plc, and Discovery Communications Inc. are to become part of the group of shareholders in the company.

The arrival of these two global media companies represents an important step in the long-term development of the series. Their strategic vision and strong financial backing are expected to provide stability, as well as creating a solid base from which the company can expand in the future.

“It is a significant step forward for Formula E to receive the backing of two major global media companies when we are barely halfway through our first season,” commented the CEO of the company, Alejandro Agag. “The experience and knowhow they bring will provide a significant boost to Formula E. We look forward to creating new opportunities together to develop and promote premium content for a global audience.”

Sanctioned by the Fédération Internationale de l'Automobile (FIA), Formula E is the highest class of competition for one-make, single-seater, electrically powered race cars. The series' inaugural championship started in Beijing, China, in September 2014.