There is speculation in motor racing that Formula One could be for sale.
News Corporation has discussed a possible takeover bid with the investors behind Ferrari, the sport's oldest team.
F1 is owned by the private equity firm CVC Partners, which has confirmed it has received a friendly approach.
News Corp and an Italian investment firm linked to Ferrari are working on a possible bid to take control.
A joint statement says Exor and News Corp will approach minority partners and key stakeholders in the sport.
The BBC reports any takeover would involve changes to the Concorde Agreement, a commercial arrangement involving the racing teams, CVC and the FIA, the sport's governing body.
This agreement says that the sport should be shown on free-to-air television where possible.
However, the current agreement runs out at the end of 2012 and the signatories are in the process of negotiating a new one.
