Liberty Media Corporation, the American company that owns Formula 1, is adding to its racing portfolio with the purchase of the MotoGP motorcycle racing series by the end of the year, MotoGP officials announced Monday.

Liberty Media will acquire approximately 86% of Spain-based Dorna Sports, which owns the commercial and television rights for MotoGP, for about $4.5 billion. Dorna would remain an independently operated company run by Carmelo Ezpeleta, the series’ chief executive since 1994.

Liberty took over Formula 1 in 2017 and oversaw its growth in recent years. MotoGP will hold 21 grand prix races on four continents in 2024, including the Grand Prix of the Americas at the Circuit of the Americas in Austin, Texas, on April 14. The track built for Formula 1 has hosted MotoGP since 2013.

“We are thrilled to expand our portfolio of leading live sports and entertainment assets with the acquisition of MotoGP,” said Greg Maffei, Liberty Media president and chief executive officer. “MotoGP is a global league with a loyal, enthusiastic fan base, captivating racing and a highly cash flow generative financial profile. Carmelo and his management team have built a great sporting spectacle that we can expand to a wider global audience. The business has significant upside and we intend to grow the sport for MotoGP fans, teams, commercial partners and our shareholders.”

From the first season in 1949 that staged six rounds across Europe, MotoGP has grown to comprise more than 20 Grands Prix across five continents. Dorna also holds exclusive rights to other motorcycle racing series, including MotoG feeder series Moto2 and Moto3, the FIM Enel MotoE World Championship, the MOTUL FIM Superbike World Championship and the FIM Women’s Circuit Racing World Championship.

“This is the perfect next step in the evolution of MotoGP and we are excited for what this milestone brings to Dorna, the MotoGP paddock and racing fans,” said Ezpeleta. “We are proud of the global sport we’ve grown and this transaction is a testament to the value of the sport today and its growth potential. Liberty has an incredible track record in developing sports assets and we could not wish for a better partner to expand MotoGP’s fanbase around the world.”