Formula One Group Posts Strong Financial Results in Third Quarter of 2024

Formula One Group, a subsidiary of Liberty Media Corporation (NASDAQ: FWONA, FWONK, LLYVA, LLYVK), experienced notable financial accomplishments in the third quarter of 2024. On November 7, 2024, the group reported its results, showcasing significant progress and strategic developments within its operations.

A key highlight for the Formula One Group in the quarter included successful refinancing of F1 debt facilities, resulting in extended maturities and reduced margin on Term Loan B. The company also secured all funding required for the impending MotoGP transaction and announced a series of new and expanded sponsorship agreements, adding prominent names such as LVMH and Lenovo as Global Partners.

Furthermore, Formula One Group inked multi-year licensing agreements with LEGO and Mattel Hot Wheels, indicating a broadening of its brand presence. The financial results reflected the group’s resilience and growth strategy, with Formula 1 revenue standing at $861 million, a slight decrease from the prior period, and Operating Income reaching $110 million.

Stefano Domenicali, the President and CEO of Formula 1, expressed satisfaction with the progress made, highlighting the successful partnerships and increased viewership and engagement witnessed during the racing season.

Additionally, Liberty Live Group, another entity under Liberty Media Corporation, reported fair value of $7.6 billion for its Live Nation investment as of September 30, 2024, demonstrating stability and growth within its portfolio.

The quarter also saw Liberty Media Corporation issuing 12.2 million shares of Series C Formula One common stock for $949 million gross proceeds to fuel its MotoGP acquisition plans. Moreover, Liberty Media successfully refashioned F1’s Term Loan B, extending its maturities and reducing its margin.

Overall, the financial statements and operational achievements of Formula One Group and Liberty Live Group signify a solid performance trajectory and affirm Liberty Media Corporation’s position in the market. The company’s strategic moves and financial results reflect continuous efforts towards expansion and strengthening its market presence.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Formula One Group’s 8K filing here.

About Formula One Group

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.