Liberty Media, the owner of Formula One, has agreed to buy MotoGP for £3.6 billion.
The US media conglomerate, which acquired F1 in 2017, has purchased MotoGP from Dorna Sports, a Spanish company that has owned the motorcycle series since 1992.
Liberty will acquire approximately 86% of Dorna, with Dorna's management retaining the remainder of the business.
It is expected to be officially finished by the end of the year.
Liberty Media's president and CEO, Greg Maffei, said the company was "thrilled" to be expanding its live sports portfolio.
He continued, "MotoGP is a global league with a loyal, enthusiastic fan base, captivating racing, and a highly cash flow generating financial profile.
Carmelo Ezpeleta, CEO of Dorna, stated that Liberty has a "incredible track record in developing sports assets".
"We are proud of the global sport we've grown, and this transaction is a testament to the value of the sport today and its growth potential," Ezpeleta said in a statement.
The first MotoGP season began in 1949 with only six rounds of racing, but has since expanded into a 20-grand prix campaign spanning five continents.
This year's championship is led by Spanish rider Jorge Martin with 60 points, followed by South African Brad Binder with 42 points.