MILAN—Media conglomerate News Corp. and Italian holding company Exor SpA are looking at creating a consortium of investors to make a possible bid for Formula 1 motor racing.

In a joint statement Tuesday, News Corp. and Exor, the parent of Ferrari owner Fiat SpA, said they would hold meetings with potential minority partners and "key stakeholders" in the coming weeks and months.

"There can be no certainty that this will lead to an approach to Formula 1's current owners," they said.

The motor-racing organization's majority owner, private-equity firm CVC Capital Partners, couldn't be reached for comment.

News Corp. and Exor said that they "are in the early stages of exploring the possibility of creating a consortium with a view to formulating a long-term plan for the development of Formula 1 in the interests of the participants and the fans."

Exor is the investment vehicle of Italy's Agnelli family, which founded auto maker Fiat.

Exor owns 30.45% of Fiat which, in turn, owns sports-car brand Ferrari, a prominent participant in Formula 1. Fiat is also the partner of Chrysler Group LLC.

Exor declined to comment beyond its joint statement.

Tuesday's statement confirmed a blog posting on the website of Sky News, part of British Sky Broadcasting Group PLC.

It also confirmed earlier news reports about News Corp's interest in Formula 1, which attracts billions of television viewers world-wide.

News Corp. is in the process of taking over BSkyB and is the owner of Dow Jones & Co., publisher of The Wall Street Journal.

Formula 1 is the governing body for a racing series that this year will hold 19 races around the world, including in China, Brazil, India and Canada.

In 2005, CVC Capital Partners agreed to acquire a majority stake in the series that included the 25% owned by Formula 1's longtime chief, Bernie Ecclestone, an 80-year-old British billionaire who has maintained tight control over the sport.

Mr. Ecclestone reportedly has dismissed the likelihood of a deal. He couldn't be reached for comment Tuesday.

Formula 1, considered by aficionados to be the world's premiere auto-racing circuit because of its speed and challenging courses, remains one of the largest and most glamorous draws among international sporting events.

The sport generates billions of dollars in annual revenue from sponsorship deals, broadcasting rights, corporate hospitality spending and fees.

In a joint statement Tuesday, News Corp. and Exor, the parent of Ferrari owner Fiat SpA, said they would hold meetings with potential minority partners and "key stakeholders" in the coming weeks and months.