Formula One Group (FWONA) Goldman Sachs Communacopia + Technology Conference 2024 summary

Portfolio review and recent transactions

• Completed several major transactions, including the acquisition of MotoGP, the Sirius transaction, and the spin-off of the Braves.

• Focused on honing the portfolio toward areas of strength and success, with an emphasis on live events and sports.

• Liberty is no longer directly involved with Sirius, though the chairman remains on the board.

• The Braves were spun out, with Liberty ceasing to provide corporate services and the team set up for future independence.

Industry trends and media landscape

• Tech companies have overtaken traditional media in scale and influence, with streaming economics challenged by high competition and volatility.

• AI may bring some cost savings to content creation, but is unlikely to fundamentally change the competitive landscape.

• Streaming remains a tough business, with profitability dependent on market consolidation and unlikely to match the stability of the cable bundle era.

Sports rights and growth opportunities

• F1’s ESPN deal runs through 2025, with future renewals considering both streaming and linear platforms, and a preference for broad audience reach to support sponsorships.

• Sports rights pricing varies by sport, with F1 positioned on the growth side due to its young audience and global appeal.

• Women’s sports and college football are seen as under-monetized with significant growth potential.

• Private equity is increasingly active in sports, driving up team valuations and competition for assets.