Its not that simple. Competition law prevents a Broadcaster of a sport also having a stake in it (or more specifically, a stake in the area that decides the broadcaster, which FOM does). Murdoch was blocked from buying a stake in a football club because BSkyB have the TV rights.
BSkyB couldn't buy a stake in F1 and still broadcast it on Sky. Likewise if VM buy a stake they couldn't broadcast it on their own channels.
Its why, back in the day, I said the best thing that could happen to Free to Air F1 was for Murdoch to buy a stake in F1, as that would have prevented him broadcasting it on Sky Sports. Being the Broadcaster and governing the Broadcasting Rights are mutually exclusive, you can't be both.