Liberty Media, parent company of Formula 1, has reached an agreement to acquire MotoGP.

The agreement will see Dorna Sports--the exclusive commercial and television rights holder of the motorcycle series--remain an independently run company under the banner of Liberty Media's Formula One Group.

Carmelo Ezpeleta, who has been CEO since 1994, will remain in his position and continue to run the series with his management team from its current headquarters in Madrid.

Dorna also holds exclusive rights to other motorcycle racing series, including MotoGP feeder series Moto2 and Moto™, the FIM Enel MotoE World Championship, the MOTUL FIM Superbike World Championship and the new FIM Women's Circuit Racing World Championship.

Liberty Media will acquire approximately 86% of Dorna, with Dorna management retaining approximately 14% of their equity in the business. The sale is worth $4.5 billion, according to the series.

For more information, view the full announcement.