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Warner Bros. Discovery (WBD) saw shares hit a record low on Thursday, sinking about 7%, after Formula One owner Liberty Global announced plans to acquire WBD’s stake in Formula E, the electric car racing series.

The acquisition brings Liberty Global’s total stake in the motorsport to 65%, giving it majority ownership.

“We’re excited to take a controlling interest in Formula E, a business we first invested in nearly ten years ago,” Mike Fries, Liberty Global CEO, said in a statement. “Formula E has a massive potential for further growth while integrating the most advanced sustainability standards in sports.”

The deal, still subject to regulatory approval, is widely expected to close by the end of the year.

The news comes as questions swirl whether or not Warner Bros. Discovery will secure a high-stakes media rights deal with the NBA.

The league’s current contract with Warner Bros.’ TNT Network (WBD) and Disney’s ESPN (DIS) expires at the end of next season. It’s possible WBD, which shells out a reported $1.2 billion annually, could lose the rights to its portion of games to Comcast’s NBCUniversal (CMCSA). Amazon (AMZN) is also in talks for an exclusive streaming deal through Prime Video.

Sports content is highly desired by media companies looking to gain access to massive audiences of loyal viewers. That allows sports leagues to bid up the price of rights in negotiations.

According to the Wall Street Journal, NBCUniversal submitted a bid worth around $2.5 billion — more than double what WBD currently pays. The network is close to a deal with the league to show about 100 games per season, with half airing exclusively on its streaming service, Peacock.

Disney, the NBA’s other major broadcast partner, would retain its share of the league’s media rights after reportedly agreeing to increase its payment of $1.5 billion a year to $2.6 billion in order to renew the deal, according to the report. The company will carry fewer games compared to its current package, although it will be able to stream games on its upcoming ESPN streaming platform, set to launch in fall 2025.

Meanwhile, Amazon (AMZN) is close to securing a streaming rights package through its Prime Video service for a reported $1.8 billion. The Journal said the package includes both regular season and playoff games, plus the league’s play-in tournament and a share of conference finals, which would rotate between the media partners.

Notably, WBD has the ability to match third-party offers before the NBA enters into any official agreements. Last week, Warner Bros. reportedly landed the US rights to broadcast the French Open.