John Malone and Discovery Communications are in talks to acquire a 49% stake in Formula One, according to a New York Post report.
Under the plans, Malone would make the deal with his forma Liberty Media and Liberty Global.
Talks are being held with private equity firm CVC Capital, who owns 35% of Formula One, including all the voting rights.
It is not clear where the other 14% could come from. One possibility is the Lehman Brothers estate, which needs to sell its 12.3% holding by the end of June.
Acquiring a large stake in F1 would make sense for Discovery, who recently took control of pan-european sports broadcaster Eurosport.
Liberty Media in the US already holds the broadcasting rights for Major League Baseball’s Atlanta Braves. The company controls 29% of the voting rights in Discovery.