Latest news with #FormulaOneGroup
Yahoo
15-05-2025
- Business
- Yahoo
We Think You Can Look Beyond Formula One Group's (NASDAQ:FWON.K) Lackluster Earnings
Shareholders appeared unconcerned with Formula One Group's (NASDAQ:FWON.K) lackluster earnings report last week. We think that the softer headline numbers might be getting counterbalanced by some positive underlying factors. We've discovered 2 warning signs about Formula One Group. View them for free. One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. In fact, Formula One Group increased the number of shares on issue by 6.1% over the last twelve months by issuing new shares. That means its earnings are split among a greater number of shares. Per share metrics like EPS help us understand how much actual shareholders are benefitting from the company's profits, while the net income level gives us a better view of the company's absolute size. Check out Formula One Group's historical EPS growth by clicking on this link. Formula One Group was losing money three years ago. Even looking at the last year, profit was still down 95%. Sadly, earnings per share fell further, down a full 95% in that time. Therefore, the dilution is having a noteworthy influence on shareholder returns. If Formula One Group's EPS can grow over time then that drastically improves the chances of the share price moving in the same direction. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. Alongside that dilution, it's also important to note that Formula One Group's profit suffered from unusual items, which reduced profit by US$107m in the last twelve months. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. In the twelve months to March 2025, Formula One Group had a big unusual items expense. As a result, we can surmise that the unusual items made its statutory profit significantly weaker than it would otherwise be. Formula One Group suffered from unusual items which depressed its profit in its last report; if that is not repeated then profit should be higher, all else being equal. But on the other hand, the company issued more shares, so without buying more shares each shareholder will end up with a smaller part of the profit. Considering all the aforementioned, we'd venture that Formula One Group's profit result is a pretty good guide to its true profitability, albeit a bit on the conservative side. So while earnings quality is important, it's equally important to consider the risks facing Formula One Group at this point in time. While conducting our analysis, we found that Formula One Group has 2 warning signs and it would be unwise to ignore these. Our examination of Formula One Group has focussed on certain factors that can make its earnings look better than they are. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Business Wire
07-05-2025
- Automotive
- Business Wire
Liberty Media Corporation Reports First Quarter 2025 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation ('Liberty Media' or 'Liberty') (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported first quarter 2025 results. Headlines include (1): Attributed to Formula One Group Renewed agreements for Mexico Grand Prix through 2028 and Miami Grand Prix through 2041 Secured new sponsorship deals including Barilla Pasta and PWC as Official Partners Formula 1 and all ten teams signed 2026 Concorde Commercial Agreement Grand Prix Plaza in Las Vegas opened to the public on May 2 nd, providing immersive F1 attractions year-round Liberty continues to work constructively with the European Commission on regulatory process for the MotoGP acquisition Attributed to Liberty Live Group Fair value of Live Nation investment was $9.1 billion as of March 31 st '2025 is off to a strong start. Formula 1 is benefiting from exciting racing on the track and financial momentum underpinned by new commercial partnerships that took effect this year,' said Derek Chang, Liberty Media President & CEO. 'We believe Formula 1's contracted and diversified revenue streams position it well against the current macro and consumer backdrop. The business fundamentals remain strong and we're confident in our ability to deliver long-term value. At Live Nation, strong first quarter results and key forward indicators are pointing to another record year ahead with sustained demand for live music and continued growth in the global experience economy.' Discussion of Results Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2025 to the same period in 2024. FORMULA ONE GROUP – The following table provides the financial results attributed to Formula One Group for the first quarter of 2025. In the first quarter, Formula One Group incurred $14 million of corporate level selling, general and administrative expense (including stock-based compensation expense). The businesses and assets attributed to Formula One Group consist primarily of Liberty Media's subsidiaries, F1 and Quint. F1 Operating Results 'Formula 1 is six races into another incredible season and delighting fans in new and creative ways. Close racing throughout the field has created captivating on-track action, helping drive viewership growth on linear and digital platforms. Our promoter partners continue to innovate on their race weekend experiences, generating demand and sell-out crowds,' said Stefano Domenicali, Formula 1 President and CEO. 'Importantly, we agreed to the commercial terms with all F1 teams for the 2026 Concorde Agreement which is financially attractive to all parties and provides stability for our future.' The following table provides the operating results of Formula 1 ('F1'). ______________ a) Includes $61 million and $50 million of amortization related to purchase accounting for the periods ended March 31, 2024 and March 31, 2025, respectively, that is excluded from calculations for purposes of team payments. Expand Primary F1 revenue represents the majority of F1's revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees. There were two races held in the first quarter of 2025 compared to three races held in the first quarter of 2024. The 2025 calendar is scheduled to have the same 24 events that were held in 2024, except in a different order throughout the season which will impact the year-over-year revenue and cost comparisons on a quarterly basis. Primary F1 revenue decreased in the first quarter with declines across media rights, race promotion and sponsorship driven by the calendar variance compared to the prior year. Race promotion revenue decreased due to one less race in the quarter and the different mix of races held. Lower media rights and sponsorship revenue was driven by one fewer race held in the current period resulting in a lower proportion of season-based revenue recognized, and sponsorship revenue also decreased due to the impact of the mix of races on event specific revenue. The decline in media rights revenue recognized was partially offset by contractual increases in fees and continued growth in F1 TV subscription revenue. The decline in sponsorship revenue was largely offset by revenue recognized from new sponsors and growth in revenue from existing contracts. Other F1 revenue decreased in the first quarter primarily due to lower hospitality and experiences revenue driven by one less Paddock Club and the mix of events held, partially offset by higher freight income. Operating income and Adjusted OIBDA (2) decreased in the first quarter. Team payments decreased due to the pro rata recognition of payments across the race season with one less race held in the current period, partially offset by the expectation of higher team payments for the full year. Other cost of F1 revenue is largely variable in nature and is mostly derived from servicing both Primary and Other F1 revenue opportunities. These costs increased due to higher freight costs driven by the mix of races and longer routes required as well as increased commissions and partner servicing costs associated with servicing Primary F1 revenue streams for the full year, partially offset by lower hospitality and experiences, travel and FIA regulatory costs due to one fewer event. Other cost of F1 revenue in the first quarter was also impacted by higher costs associated with the Grand Prix Plaza in Las Vegas due to more activity in its events business. Selling, general and administrative expense increased primarily due to higher marketing costs associated with the 75 th season launch event at London's The O2 and increased personnel costs. Corporate and Other Operating Results Corporate and Other revenue increased in the first quarter due to Quint results. There was $6 million of rental income related to the Las Vegas Grand Prix Plaza in the first quarter compared to $7 million in the prior year period. In the first quarter, Quint results were primarily driven by NBA Experiences and F1 Experiences across the two races held. Quint's revenue is seasonal around its largest events, which are generally during the second and fourth quarters. Corporate and Other Adjusted OIBDA includes the rental income related to the Las Vegas Grand Prix Plaza, Quint results and other corporate overhead for the first quarter of 2025 and the prior year period. LIBERTY LIVE GROUP – In the first quarter, $4 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty Live Group. The businesses and assets attributed to Liberty Live Group consist of Liberty Media's interest in Live Nation and other minority investments. There were no repurchases of Liberty Media's common stock from February 1 through April 30, 2025. The total remaining repurchase authorization for Liberty Media as of May 1, 2025 is $1.1 billion and can be applied to repurchases of common shares of any of the Liberty Media tracking stocks. FOOTNOTES NOTES The following financial information with respect to Liberty Media's equity affiliates, available for sale securities, cash and debt is intended to supplement Liberty Media's condensed consolidated balance sheet and statement of operations to be included in its Form 10-Q for the period ended March 31, 2025. Fair Value of Corporate Public Holdings ______________ a) Represents the fair value of the equity investment in Live Nation. In accordance with GAAP, Liberty Media accounts for its investment in the equity of Live Nation using the equity method of accounting and includes it in its condensed consolidated balance sheet at $430 million and $451 million as of December 31, 2024 and March 31, 2025, respectively. Expand Cash and Debt The following presentation is provided to separately identify cash and debt information. ______________ a) Includes $1,310 million and $1,547 million of cash held at F1 as of December 31, 2024 and March 31, 2025, respectively, and $78 million and $69 million of cash held at Quint as of December 31, 2024 and March 31, 2025, respectively. b) Face amount of the convertible notes and exchangeable debentures with no fair market value adjustment. c) Net leverage as defined in F1's credit facilities for covenant calculations. Expand Liberty Media and F1 are in compliance with their debt covenants as of March 31, 2025. Total cash and cash equivalents attributed to Formula One Group increased $202 million during the first quarter primarily due to cash from operations at F1, partially offset by $131 million of an extension payment related to the MotoGP acquisition and capital expenditures at F1. Total debt attributed to Formula One Group was relatively flat in the first quarter. Total cash and cash equivalents attributed to Liberty Live Group decreased $11 million during the first quarter primarily due to interest payments and corporate overhead. Total debt attributed to Liberty Live Group was flat during the first quarter. Important Notice: Liberty Media Corporation (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) will discuss Liberty Media's earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on May 7, 2025. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13748883 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to Links to this press release will also be available on the Liberty Media website. This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial performance and prospects, the Formula 1 race calendar, the planned acquisition of MotoGP, expectations regarding Formula 1 and Live Nation's businesses and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the satisfaction of all conditions to closing for the transaction with MotoGP, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of future litigation, the failure to realize benefits of acquisitions, rapid industry change, failure of third parties to perform, continued access to capital on terms acceptable to Liberty Media and changes in law, including consumer protection laws, and their enforcement. These forward-looking statements speak only as of the date of this press release, and Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Media, including the most recent Forms 10-K and 10-Q, for additional information about Liberty Media and about the risks and uncertainties related to Liberty Media's business which may affect the statements made in this press release. LIBERTY MEDIA CORPORATION BALANCE SHEET INFORMATION Attributed Formula Liberty One Live Intergroup Consolidated amounts in millions Assets Current assets: Cash and cash equivalents $ 2,833 314 — 3,147 Trade and other receivables, net 143 1 — 144 Other current assets 376 — — 376 Total current assets 3,352 315 — 3,667 Investments in affiliates, accounted for using the equity method 31 479 — 510 Property and equipment, at cost 1,039 — — 1,039 Accumulated depreciation (214 ) — — (214 ) 825 — — 825 Goodwill 4,134 — — 4,134 Intangible assets subject to amortization, net 2,632 — — 2,632 Deferred income tax assets 600 220 (32 ) 788 Other assets 512 217 — 729 Total assets $ 12,086 1,231 (32 ) 13,285 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 330 — — 330 Current portion of debt 30 — — 30 Deferred revenue 1,009 — — 1,009 Financial instrument liabilities 30 — — 30 Other current liabilities 47 — — 47 Total current liabilities 1,446 — — 1,446 Long-term debt 2,952 1,582 — 4,534 Other liabilities 277 1 (32 ) 246 Total liabilities 4,675 1,583 (32 ) 6,226 Equity / Attributed net assets 7,411 (374 ) — 7,037 Noncontrolling interests in equity of subsidiaries — 22 — 22 Total liabilities and equity $ 12,086 1,231 (32 ) 13,285 Expand LIBERTY MEDIA CORPORATION STATEMENT OF OPERATIONS INFORMATION Three months ended March 31, 2025 (unaudited) Attributed Formula Liberty One Live Consolidated Group Group Liberty amounts in millions Revenue: Formula 1 revenue $ 400 — 400 Other revenue 47 — 47 Total revenue 447 — 447 Operating costs and expenses: Cost of Formula 1 revenue (exclusive of depreciation shown separately below) 286 — 286 Other cost of sales 39 — 39 Other operating expenses 1 — 1 Selling, general and administrative (1) 100 4 104 Acquisition costs 11 — 11 Depreciation and amortization 77 — 77 514 4 518 Operating income (loss) (67 ) (4 ) (71 ) Other income (expense): Interest expense (48 ) (7 ) (55 ) Share of earnings (losses) of affiliates, net (3 ) 4 1 Realized and unrealized gains (losses) on financial instruments, net 82 (17 ) 65 Other, net 34 2 36 65 (18 ) 47 Earnings (loss) before income taxes (2 ) (22 ) (24 ) Income tax (expense) benefit 24 5 29 Net earnings (loss) 22 (17 ) 5 Less net earnings (loss) attributable to the noncontrolling interests — — — Net earnings (loss) attributable to Liberty stockholders $ 22 (17 ) 5 (1) Includes stock-based compensation expense as follows: Selling, general and administrative $ 2 — 2 Expand LIBERTY MEDIA CORPORATION STATEMENT OF OPERATIONS INFORMATION Three months ended March 31, 2024 (unaudited) Attributed One Live SiriusXM Consolidated Group Group Group Liberty amounts in millions Revenue: Formula 1 revenue $ 550 — — 550 Other revenue 37 — — 37 Total revenue 587 — — 587 Operating costs and expenses: Cost of Formula 1 revenue (exclusive of depreciation shown separately below) 279 — — 279 Other cost of sales 26 — — 26 Other operating expenses 1 — — 1 Selling, general and administrative (1) 91 2 — 93 Acquisition costs 9 — — 9 Depreciation and amortization 86 — — 86 492 2 — 494 Operating income (loss) 95 (2 ) — 93 Other income (expense): Interest expense (55 ) (7 ) — (62 ) Share of earnings (losses) of affiliates, net (3 ) (21 ) — (24 ) Realized and unrealized gains (losses) on financial instruments, net 48 (69 ) — (21 ) Other, net 15 6 — 21 5 (91 ) — (86 ) Earnings (loss) from continuing operations before income taxes 100 (93 ) — 7 Income tax (expense) benefit (23 ) 20 — (3 ) Net earnings (loss) from continuing operations 77 (73 ) — 4 Net earnings (loss) from discontinued operations — — 241 241 Net earnings (loss) 77 (73 ) 241 245 Less net earnings (loss) attributable to the noncontrolling interests — — 42 42 Net earnings (loss) attributable to Liberty stockholders $ 77 (73 ) 199 203 (1) Includes stock-based compensation expense as follows: Selling, general and administrative $ 12 1 — 13 Expand LIBERTY MEDIA CORPORATION STATEMENT OF CASH FLOWS INFORMATION Three months ended March 31, 2025 (unaudited) Attributed Formula Liberty One Live Consolidated Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 22 (17 ) 5 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 77 — 77 Stock-based compensation 2 — 2 Share of (earnings) loss of affiliates, net 3 (4 ) (1 ) Realized and unrealized (gains) losses on financial instruments, net (82 ) 17 (65 ) Deferred income tax expense (benefit) (25 ) (4 ) (29 ) Other, net (1 ) 1 — Changes in operating assets and liabilities Current and other assets (143 ) — (143 ) Payables and other liabilities 538 (3 ) 535 Net cash provided (used) by operating activities 391 (10 ) 381 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (5 ) (1 ) (6 ) Cash (paid) received for acquisitions, net of cash acquired (131 ) — (131 ) Capital expended for property and equipment, including internal-use software and website development (33 ) — (33 ) Other investing activities, net (11 ) — (11 ) Net cash provided (used) by investing activities (180 ) (1 ) (181 ) Cash flows from financing activities: Repayments of debt (6 ) — (6 ) Other financing activities, net (7 ) — (7 ) Net cash provided (used) by financing activities (13 ) — (13 ) Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 4 — 4 Net increase (decrease) in cash, cash equivalents and restricted cash 202 (11 ) 191 Cash, cash equivalents and restricted cash at beginning of period 2,638 325 2,963 Cash, cash equivalents and restricted cash at end of period $ 2,840 314 3,154 Cash and cash equivalents $ 2,833 314 3,147 Restricted cash included in other current assets 7 — 7 Total cash, cash equivalents and restricted cash at end of period $ 2,840 314 3,154 Expand LIBERTY MEDIA CORPORATION STATEMENT OF CASH FLOWS INFORMATION Three months ended March 31, 2024 (unaudited) Attributed One Live SiriusXM Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 77 (73 ) 241 245 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Net (earnings) loss from discontinued operations — — (241 ) (241 ) Depreciation and amortization 86 — — 86 Stock-based compensation 12 1 — 13 Share of (earnings) loss of affiliates, net 3 21 — 24 Realized and unrealized (gains) losses on financial instruments, net (48 ) 69 — 21 Deferred income tax expense (benefit) 9 (18 ) — (9 ) Intergroup tax allocation (27 ) (2 ) — (29 ) Other, net 2 — — 2 Changes in operating assets and liabilities Current and other assets (90 ) (3 ) — (93 ) Payables and other liabilities 116 (4 ) — 112 Net cash provided (used) by operating activities 140 (9 ) — 131 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (1 ) — — (1 ) Cash (paid) received for acquisitions, net of cash acquired (205 ) — — (205 ) Capital expended for property and equipment, including internal-use software and website development (27 ) — — (27 ) Other investing activities, net (63 ) — — (63 ) Net cash provided (used) by investing activities (296 ) — — (296 ) Cash flows from financing activities: Repayments of debt (10 ) — — (10 ) Other financing activities, net (1 ) 2 — 1 Net cash provided (used) by financing activities (11 ) 2 — (9 ) Net cash provided (used) by discontinued operations: Cash provided (used) by operating activities — — 264 264 Cash provided (used) by investing activities — — (354 ) (354 ) Cash provided (used) by financing activities — — (73 ) (73 ) Net cash provided (used) by discontinued operations — — (163 ) (163 ) Net increase (decrease) in cash, cash equivalents and restricted cash (167 ) (7 ) (163 ) (337 ) Cash, cash equivalents and restricted cash at beginning of period 1,408 305 315 2,028 Cash, cash equivalents and restricted cash at end of period $ 1,241 298 152 1,691 Cash and cash equivalents $ 1,233 298 135 1,666 Restricted cash included in other current assets 8 — — 8 Restricted cash included in current assets of discontinued operations — — 8 8 Restricted cash included in noncurrent assets of discontinued operations — — 9 9 Total cash, cash equivalents and restricted cash at end of period $ 1,241 298 152 1,691 Expand NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES SCHEDULE 1 To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for Formula One Group and Liberty Live Group, together with reconciliations to operating income, as determined under GAAP. Liberty Media defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, Concorde incentive payments and restructuring, acquisition and impairment charges. Liberty Media believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, Liberty Media views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Media's management considers in assessing the results of operations and performance of its assets. The following table provides a reconciliation of Adjusted OIBDA for Liberty Media to operating income (loss) calculated in accordance with GAAP for the three months ended March 31, 2024 and March 31, 2025, respectively. QUARTERLY SUMMARY ______________ a) Formula One Group incurred $11 million and $9 million of costs related to corporate acquisitions during the three months ended March 31, 2025 and March 31, 2024, respectively. Expand
Associated Press
29-04-2025
- Business
- Associated Press
Liberty Media Corporation to Present at J.P. Morgan Global Technology, Media and Communications Conference
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Apr 29, 2025-- Liberty Media Corporation ('Liberty Media') (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) announced that Derek Chang, President and CEO of Liberty Media, will be presenting at the J.P. Morgan Global Technology, Media and Communications Conference on Tuesday, May 13 th at 11:30 a.m. E.T. in Boston. During his presentation, Mr. Chang may make observations regarding the company's financial performance and outlook, as well as other forward looking matters. The presentation will be broadcast live via the Internet. All interested persons should visit the Liberty Media website at to register for the webcast. An archive of the webcast will also be available on this website after appropriate filings have been made with the SEC. About Liberty Media Corporation Liberty Media Corporation operates and owns interests in media, sports and entertainment businesses. Those businesses are attributed to two tracking stock groups: the Formula One Group and the Liberty Live Group. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) include Liberty Media's subsidiaries Formula 1 and Quint, and other minority investments. The businesses and assets attributed to the Liberty Live Group (NASDAQ: LLYVA, LLYVK) include Liberty Media's interest in Live Nation and other minority investments. View source version on CONTACT: Liberty Media Corporation Shane Kleinstein, 720-875-5432 KEYWORD: UNITED STATES NORTH AMERICA COLORADO INDUSTRY KEYWORD: MEDIA GENERAL ENTERTAINMENT COMMUNICATIONS ENTERTAINMENT SOURCE: Liberty Media Corporation Copyright Business Wire 2025. PUB: 04/29/2025 08:15 AM/DISC: 04/29/2025 08:16 AM
Bloomberg
10-04-2025
- Automotive
- Bloomberg
The Long, Expensive Race to Bring F1 Back to Africa
Bob Hartslief used to own the Kyalami racetrack in Johannesburg, the venue for a Formula One Grand Prix in Africa more than 30 years ago. F1 has since morphed from a niche sport mostly popular with Europeans into a global phenomenon and a very big business. Liberty Media Corp. purchased the Formula One Group, the company behind the auto racing series, for $4.4 billion in 2017. In 2024, F1 revenue crossed $3.4 billion, and the races drew 1.6 billion TV viewers. Brad Pitt will help further amplify the F1 brand when he stars as a driver in a big-budget movie —titled simply F1 —premiering this June. The series' broadcast deal with ESPN, worth around $85 million a year and set to expire soon, is drawing interest from Apple and Netflix. Today, Africa is the only populated continent not on the Grand Prix circuit, a glaring omission for a global sport that recently added races in Qatar and Azerbaijan. Hartslief, 60, is part of a big effort to change that. He's one of several African bidders vying to win the next available license. The cast of characters includes a Porsche executive, a winemaker, a street racing promoter, an Austrian driver and a wartime president. If F1 returns to the continent, South Africa is seen as a strong contender, largely because of its lead on infrastructure, says a person familiar with the deliberations who asked not to be identified discussing private matters. Aspiring hosts in the country view the sport's possible return as a way to immediately attract tourists, spur growth and showcase South Africa's progress since the end of apartheid.
Yahoo
04-04-2025
- Automotive
- Yahoo
Albon meets Thai PM to show support for F1 race in Bangkok
Motorsport photo The chances of a Formula 1 race in Thailand continue to improve as Williams driver Alex Albon became the latest representative of the series to meet with the country's prime minister. Hopes of a grand prix around the streets of Bangkok have existed for some time but the process was stepped up last month when F1 CEO Stefano Domenicali held positive talks with prime minister Paetongtarn Shinawatra. Srettha Thavisin, Prime Minister of Thailand, Stefano Domenicali, CEO, Formula One Group Srettha Thavisin, Prime Minister of Thailand, Stefano Domenicali, CEO, Formula One Group Mark Sutton / Motorsport Images Mark Sutton / Motorsport Images Advertisement Now ahead of this weekend's Japanese Grand Prix, Albon, a Thai-British driver who races under the Thailand flag, has also met with current incumbent Shinawatra for a successful conversation around a future grand prix and representing the nation in F1. Thailand is among a host of countries looking for a place on the already packed 24-race calendar, with a return to Argentina and a new race in Africa also hinted at by Domenicali at different stages of last season. 'I think the good thing that we were able to do in the last couple of years is focus on the places that we do believe represent the future for Formula 1,' he told Sky Sports F1 during the Australian Grand Prix weekend. 'We receive a lot of attention from other places in the world. By the way, I'm just finishing the race here in Melbourne, I'm going to Bangkok - there is a potential interest from the government to develop something there. Advertisement 'We have other places in Europe, and as you know there are interests in Africa, there are interests in South America now.' Last year, the former Ferrari boss told ESPN that 'more than 35' venues had expressed an interest in staging F1 but insisted the 24-race cap would remain in place. McLaren CEO Zak Brown recently praised the idea of adding rotational races but believes the calendar has topped out as it is. Read Also: Is F1 calendar rotation a cash grab or a sensible move? Our writers have their say Asked if F1 had reached its peak, Brown replied: 'I don't think it has hit its peak, which is quite exciting. Advertisement 'Clearly some things have peaked, 24 races. We can't do more. I would like to see, and it is something that has been spoken about in the past in order to grow the calendar, maybe have a fixed 20 races and eight that rotate every other year. 'That is a way to get into 28 markets but maintain a 24-race calendar because the calendar is very difficult on everybody, but that is a way to continue to grow the sport.' The Belgian Grand Prix became the first to sign a rotational contract with F1, agreeing to stage a round of the championship until 2031 but with races not taking place in 2029 or 2030.
