LONDON -- John Malone's Liberty Global and Discovery Communications are reportedly mulling a joint bid for a 49% stake in the Formula One motor-racing franchise.

Liberty and Discovery have begun talks with Formula One's backers, private equity firm CVC Capital, about a deal, which could value the motor sport at more than £6.5 billion ($8.78 billion), according to a report in today's Daily Telegraph.

CVC owns 35% of Formula One, but would not say where the remaining 14% would come from. It could be selling its stake alongside the Lehman Brothers' 12.3% holding.

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