AUSTIN, Texas (AP) — Liberty Media Corp., the American company that owns Formula 1, is adding to its global 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 (4.2 billion euros). Dorna said it would remain an independently run 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, notably with the popular Netflix series “Drive to Survive,” and the addition of races in Miami and Las Vegas in the United States.

MotoGP, the premier racing series for motorcycles, will hold 21 grand prix races on four continents in 2024. The next race is 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.

Spanish rider Jorge Martin is this season's championship leader ahead of South Africa's Brad Binder after two races.

“MotoGP is a global league with a loyal, enthusiastic fan base, captivating racing and a highly cash flow generative financial profile," said Greg Maffei, Liberty Media president and CEO. "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.”

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