Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Media Corporation 2020 Q1 Earnings Call. As a reminder, this conference is being recorded, May 7. I would now like to turn the conference over to Courtnee Chun, Chief Portfolio Officer. Please go ahead.

Thank you. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in Liberty Media's most recent Forms 10-K and 10-Q or Liberty Media acquisition forms S-1 registration statement filed with the SEC. These forward-looking statements speak only as of the date of this call and Liberty Media and Liberty Media acquisition expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media or Liberty Media Acquisition Corporations' expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. On today's call, we will discuss certain non-GAAP financial for Liberty Media and SiriusXM including adjusted OIBDA and adjusted EBITDA. The required definitions and reconciliations for Liberty Media and SiriusXM Schedules 1 through 3 can be found at the end of the earnings press release issued today, which is available on Liberty Media's website. Now I'd like to turn the call over to Greg Maffei, Liberty's President and CEO.

Thank you, Courtnee, and good morning to all of you out there. Today speaking on the call besides myself, will have Formula 1's President and CEO, Stefano Domenicali; and Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. Beginning with Liberty SiriusXM, we continued our share repurchases purchasing $114 million across LSXMA and K shares from February through April. The discount stubbornly remains, and we repurchased at a look-through price of just over $4 per share. We do expect to continue to take advantage of that stubborn discount opportunity. Our ownership of SiriusXM as of April 26 stood at 77.3%. And looking at SiriusXM itself, they are off to a fast start this year with self-pay subscriber growth of 83%. Trial starts in the first quarter were the highest in the company's history, and they recorded record low first quarter churn. We're also experiencing rapid growth in off-platform advertising revenue. 360L, the next-generation platform is now in 2 million vehicles, providing valuable data and offering engaging features. We expect it will be about 25% of this year's installs. We are now the largest digital ad platform in North America, reaching almost two-thirds of online audio listeners. We're also continuing at SiriusXM, our expansion in the podcast segment with our acquisition of 99% Invisible, furthering our content creation capabilities. Turning to Live Nation. You may have seen in today's earnings release from them, concerts are back and in high demand for dates in 2021. In fact, we have booked twice as many shows in '21 as we did in '19. Luke Bryan, the 2021 ACM entertainer of the year is going on tour and the Railbird Festival with headliner David Matthews Band is another notable addition. Following up on acquiring the majority stake in Veeps, we've begun our ticketed live platform and started equipping 60-plus contract venues to offer turnkey live streaming events. We continue to help artists expand revenue and creative opportunities, connecting them with more fans via Veeps and other means. Looking at the Formula 1 Group, we've had phenomenal racing this season, as Stefano will outline a little bit more in a minute. It's exciting to see the battle between Lewis and Max. It's going to be a very competitive year also for third place in the constructor championships, a lot of exciting racing. The teams continue to execute well given the ongoing challenges from the pandemic. Turkey will replace Canada in June, showing the sustained demand to expand GPs. We've also extended our agreements with Canada and Japan. Looking forward to the first Sprint Qualifying race in July at Silverstone and there will be two more of those during the rest of the season. Drive to Survive, our programming on Netflix, continued to grow in popularity in its third season and it's also getting recognized on the award circuit, both in the U.S. and Canada. And finally, we look forward to seeing all of you in Miami in 2022. Turning to the Braves. After a slow start to the season, our record is just under .500, and we are close third in the NL East, 1.5 games out of first place. We were helped by sweeping the Mets over the last three games. The Braves are No. 1 in home runs this season and also No. 1 in average attendance at almost 16,000 per game, that is if you exclude Texas, which we'd be third, including Texas. Ronald Acuna was named National Player of the Month for April. Pablo Sandoval hit three pinch-hit home runs in April, the most by any Braves player in a calendar month in franchise history. And as of today, we expect to expand capacity to 100% of fans after opening the season at 33%. Notably, in partnership with Emory Healthcare, the Braves are offering vaccine shots before and during games against Philadelphia; fans who get vaccinated in those games will receive two free tickets to future Braves games as well. And finally, the Braves looking at the Battery thyssenkrupp is expected to occupy their office space in July and Papa John's later in the summer. Demand for remaining office space remains very strong. And the Aloft and Omni Hotels had high occupancy on Friday night and Saturday night games, or the nights in March with several sellouts on game nights. We continue to make good progress on Almac to SPAC. The SPAC market has changed in the way we believe is to our benefit as some of the euphoria of January and February has deflated. We believe recent weakness in the pipe market plays well for Liberty, given our strong balance sheet, our capabilities with investors, and the support that we have. Finally, we wanted to share with you that we have recently published our SASB disclosure on our website as part of our ongoing ESG efforts. So with that, I'd like to turn it over to Brian to discuss our financial results in a little more detail.

Thank you, Greg, and good morning, everyone. Liberty SiriusXM Group had attributed cash, restricted cash, and liquid investments of approximately $1 billion, excluding $67 million of cash and restricted cash held at SiriusXM. This balance is prior to paying the Formula 1 Group $384 million to settle the Live Nation call spread in April. The settlement of the Live Nation call spread was a nontaxable transaction among the tracking stock groups. We also have $1.1 billion of undrawn margin loan capacity at the parent level. Note that a portion of our cash will be used in 2021 to repay our 2.25% Live Nation exchangeable bonds. Based on the fair value of the bonds at quarter end, the amount of cash used would be $514 million; stock held by Liberty SiriusXM Group was nearly $19 billion, and the value of the Live Nation stock held was $5 billion. Total Liberty SiriusXM Group attributed principal amount of debt is $13.2 billion, which includes $9 billion of debt held directly at SiriusXM. Formula 1 Group had attributed cash and liquid investments of $1.4 billion at quarter end. This excludes the $429 million of cash that's held directly at the F1 opco. Post quarter end, Formula 1 Group received the additional $384 million that we just discussed in proceeds related to the Live Nation call spread. Total Formula 1 Group attributed principal amount of debt was $3.6 billion, which includes the $2.9 billion of debt held directly down at F1, leaving $724 million at the corporate level. And F1's $500 million revolver remains undrawn. Please note that during the three months ended March 31, '21, F1 began reclassifying certain components previously reported in other revenue into primary F1 revenue to better align with the way management currently evaluates the business. Components reclassified in the primary F1 revenue generally related to F1 TV subscriptions, certain F2 and F3-related fees, broadcast origination and support fees, and digital advertising, among others. Additional detail on this reclassification, including the impact to the years ended 12/31/'19 and '20, can be found in Schedule 3 to our earnings release, which will be posted on our website. At quarter end, the Braves Group had attributed cash, liquid investments, and restricted cash of $218 million and attributed principal amount of debt of $676 million. Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter end. And with that, I'll turn it over to Stefano to discuss Formula 1.

Thank you, Brian, and good morning from my side as well. The year 2021 has started with significant energy and momentum. Recently, we announced our segment rate in Miami Gardens, and we received an overwhelming and positive response from our fans, teams, and partners. With the second wave in the U.S. beginning in 2022, we see a great opportunity for our sport and will maintain our strong focus and growth in that market. Last week, we shared that we will introduce Saturday 100-kilometer Sprint Qualifying formats at three races this year, having received unanimous support from all teams. These events will be thrilling for our fans, increase on-track action during race weekends, and offer greater commercial opportunities for our partners and teams. Silverstone, one of the tracks adapting to this new format, has already reported a significant increase in ticket sales following the announcement of hosting one of these events. We have also confirmed a three-year extension for the Japanese Grand Prix, which has always been an essential race for Formula 1, and we look forward to seeing fans support Yuki Tsunoda. Additionally, we have extended our partnership with the Canadian Grand Prix for another two years and welcomed the recent news that Bell Media has acquired the Montreal-based race promoter Octane Racing Group, which is excellent for the race's future in Canada. Despite the fluid global situation due to the COVID-19 pandemic, Formula 1 has displayed its capability to navigate challenges and continue racing safely. Just last week, we demonstrated this resilience. Although we can't race in Canada this year, we've arranged a replacement race in Turkey at short notice, allowing us to keep the number of races on the calendar for 2021 unchanged. The interest from both emerging and traditional locations wishing to host the Grand Prix is exciting and presents options for this year and the future. We have had productive discussions with all our promoters, and we anticipate that the races this season will proceed as scheduled. This week, we confirmed that 1,000 fans will attend the Spanish Grand Prix in Barcelona, and Monaco is set to welcome around 40% of grandstand capacity for its race in two weeks. On the racetrack, our start to the year has been equally thrilling. We began our 23-race season in Bahrain with three exhilarating races so far, featuring intense battles, overtakes, and tightly packed competitors. As Ross Brawn noted, the ongoing championship battle could make this a remarkable year for Formula 1. The Bahrain season opener was exciting, with Verstappen taking pole position and a fantastic race between him and Lewis Hamilton, which was decided in the final laps. Norris and Perez also showed strong performances, and rookie Yuki Tsunoda scored points in his first race for Alpha Tauri, suggesting a bright future ahead. The rivalry intensified at Imola, where Max had a fantastic start in the rain and went on to secure the win, moving from third position at the start. Lando Norris redeemed himself from a qualifying mistake to join the podium, indicating McLaren's ongoing strength. Last week in Portugal, Mercedes faced a tough challenge from Red Bull as Lewis Hamilton claimed a hard-fought victory in Portimao. Both started at the front, but Hamilton executed brilliant overtakes on Bottas and Verstappen to secure his win, highlighting the competitive title race just three races in. The contenders for third place in the constructors' standings are also intense, with McLaren leading but many midfield teams eager to prove themselves. It's wonderful to see Ferrari regaining momentum. The appeal of Formula 1 is resonating with fans, reflected in heightened engagement levels. Data from the first two races in 24 key markets show an uptick in TV viewership compared to 2020 and 2019, particularly in Italy, the Netherlands, France, the U.K., the U.S., and Spain. On the digital side, unique users on F1's web and app jumped 77% compared to the same races in 2020, with social engagement also rising, exceeding 30 million interactions across the first two weekends. Our social media following has hit 36.5 million after the Emilia Romagna GP, up from 35 million at the end of the previous year. F1 TV, our OTT service, has seen a robust start to the season, achieving peak viewership three times higher than the average in 2020. Viewer engagement measured in minutes watched throughout the weekend has risen more than 60% compared to last year. We launched an updated version of our app this season featuring enhanced video quality and better content navigation, including over 2,000 hours of coverage from the last 50 years, alongside our new series, F2: Chasing the Dream. F1 TV is now available in 188 territories, with the premium version accessible in 85. Season 3 of Drive to Survive premiered on March 19 and continues to gain immense global popularity, ranking No. 1 on Netflix in 27 countries. We regularly hear stories about how the series is attracting new fans to F1. Revisiting the 2020 season through the show has been enlightening, particularly the viral stories surrounding drivers’ moves. Episode 9 is especially thrilling and inspiring. The series has received an Emmy nomination for outstanding sports documentary and was shortlisted for a U.K. Broadcast Award in the documentary category. As we enter the season, we have made several new sponsorship announcements, including the renewal of our longstanding partnership with DHL, which will expand into the F1 Esports Series and our digital channels. In June, we will welcome Mercedes-Aston Martin as a seat car provider and Ferrari Trento as the official toast of Formula 1. We've also announced new suppliers, Drive Coffee, and welcome Global Citizen as a charity partner for our WeRaceAsOne initiative. Our engagement with fans through e-sports has also been rewarding, as we hosted successful virtual Grand Prix competitions featuring current drivers, former stars, and future prospects, competing for a share of $100,000 to support their charities. As part of our commitment to improving diversity and inclusion in Formula 1 through the WeRaceAsOne initiative, we introduced a female-only qualification route for the F1 Esports Series Pro Championship, aiming to inspire talented female drivers to pursue becoming the first female participant in the official series. In conclusion, Formula 1 is off to a promising start in 2021, building on the strong foundation established over recent years. The ecosystem is robust, and the on-track competition is exhilarating. I want to acknowledge the hard work and dedication of all Formula 1 employees, and I hope you tune in for the Spanish Grand Prix this weekend. Now, I'll hand the call back to Greg. Thank you.

Thank you, Stefano, and thank you, Brian. To the listening audience, we appreciate your continued interest in Liberty Media. Hope you all stay healthy and safe. And with that, operator, we will open it up for questions.

We will now take our first question from Jeff at Pivotal Research.

I have one on SIRI and one on Formula 1. Greg, at a 77.3 ownership stake in SIRI, all else being equal, you're probably going to cross over to 80-plus in the third quarter; your dividends go tax-free. Just wanted to get your latest thoughts on whether SIRI is going to raise their dividend materially? Are you happy with the status quo and letting your buyback sort of continue to ride higher? And then on F1 just was wondering about the color on how the $145 million cost cap is going relative to your expectations?

Well, I'll take the SIRI, and then I'll let Stefano speak to the cost cap. On SIRI, look, I think that your pace may be just slightly aggressive, Jeff. I think it might be, depends on the stock price and where SIRI is buying, but it might be in Q4. But somewhere, in one of those two quarters we're likely to pass 80. Obviously, any dividend policies that are put aside will be decided by the full Board there. But we have lots of alternatives in which we could either take advantage of those dividends to continue to go after the discount at SIRI, at LSXM rather at SIRI, to increase the dividend or potentially sell into that buyback, hold ourselves above 80 and use the capital to buy back our own stock. So there are really multiple ways to get to the same result, which is we are going after the discount. And whether it's through their dividend increasing or us selling off the buyback, we will be attacking the discount. Stefano, let me turn it to you about the cost cap.

Thank you, Greg. Jeff, as you're aware, the cost cap has been one of the most significant changes introduced in Formula 1 this year. It impacts not only future savings for the teams but also requires a shift in mindset among the major teams to effectively manage their spending. This marks the beginning of a new approach to support in Formula 1. While revenue is undoubtedly important, Formula 1 is taking initial steps toward implementing the cost cap. We plan to extend the cost cap to other areas that are not yet regulated as we look ahead. We are confident that this represents a major commitment from the team to ensure the sustainability of the sport going forward.

We will now take our next question from Dan at Morgan Stanley.

Greg, regarding the cash balance at Liberty Formula 1, it's currently $1.8 billion and all indicators suggest a strong year ahead. I'm curious, when does that amount become considered excess cash by Liberty? Stefano, I also have a few questions about the drivers that I hope you can help with. I've received inquiries from investors concerning the potential retirement of Lewis Hamilton and Vettel and its implications for the sport and the business. I understand they are slated to return at least for next year. Considering their significant influence on the sport, how do you view this situation and how it might be managed? On another note, with Miami presenting a significant opportunity in the U.S. market, do you believe having an American driver is vital for increasing popularity in the U.S.? Are there any expectations for us to see one in the near future?

So on the cash at Formula 1, really at the Holdco level, F1 level. I think a couple of things to note. First of all, we put that cash in place to ensure the health of the whole ecosystem, not only the Formula 1 business that we own, but really the teams and to ensure that we had liquidity, and we did use some of that liquidity for some teams during the pandemic. We still have uncertainty about exactly what our revenues will be in 2021. You've heard already, we've had to cancel, for example, Canada and put Turkey in. We are getting paid for that, but those are at way reduced levels compared to what we would get if we had full fans. So we have a fairly large contingency in our own budgeting for the potential that we will not get the kind of revenues that we hope. And therefore, that cash is useful. You may also know that we committed in the forward purchase agreement with Almac with SPAC that at least $250 million would go towards the pipe in any transaction if we were to complete one. So I think we're going to see potential for opportunities in that market that could be attractive to us as the SPAC market gets more turbulent, that plays to our strengths, as I mentioned earlier, and we may want to put some of the cash in that. But as the year progresses and we get more certainty about promoter revenue, we will look at what we do with that cash and how to utilize it and what is the most efficacious way to deliver value to our shareholders.

If I may, regarding the question about the impact of Lewis Hamilton, he is undoubtedly a remarkable asset. He is excelling in his sport and enhancing the overall image; he's managed to elevate Formula 1 beyond its traditional boundaries. However, Formula 1 itself remains strong. Top drivers and champions may eventually retire, and while I’m not sure what Lewis’s future plans are, he is currently focused on his season. He is determined to secure his place as the first driver to win eight titles in Formula 1 history. Nonetheless, Formula 1 is robust, and regardless of Lewis’s decision, the sport will adapt and continue to thrive. The encouraging part is that if Lewis, as we hope, stays with us, he has an exciting season ahead with new cars and challenges, which could be very appealing to him. Should he choose a different path, we have a wealth of talented drivers today, increasing the competition. Consequently, we respect whatever decision Lewis makes, but Formula 1 is solid and strong. Concerning American drivers in Miami, I believe the answer is affirmative. We are collaborating with teams to explore the potential for American drivers to attract the attention of Formula 1 teams in the near term. While I don’t foresee this happening within the next two to three years, it’s possible later on. Teams are actively monitoring promising talents, and if they are prepared, it would significantly energize American fans, as drivers bring the enthusiasm and passion that people want to witness.

So we will now take our next question from Bryan at Deutsche Bank.

Would you be willing to size the one-time settlement impact on the first-quarter Formula 1 revenue for us? And then separately, it's great to see Miami on the calendar next year. I know it's something you've been working on for three or four years. What can you tell us about your plans for the event, maybe contrasted to Austin? And how significant do you think it will be for growing the sport in the U.S.?

So I'll let Brian talk about one-time events in the first-quarter revenue. And then I want to weigh in on ESPN, and I'll let Stefano as well. But Brian start.

Yes. As it relates to the settlement, we can't comment on the specific details, but it did impact our results. But obviously, when you look at the year-over-year results, the fact that we had one race versus none last year and the proportion of revenue recognition was the material driver of that. But we can't comment on the specifics related to settlement.

On the issue of the U.S. and ESPN, look, when we put that up among the various broadcasters and alternatives a little over a year ago, Chase, and it was in total agreement, had the belief that we were going to grow in popularity in the U.S. and our hand would be strengthened. So due to both now doing Miami and doing Drive to Survive and all the other things that we have going on from fan festivals to digital engagement, all of those are building our interest in the U.S. And as Stefano noted, many groups that heretofore have not been interested. I have people coming up to me who are saying, I'm obsessed with Formula 1 because of Drive to Survive, who were not our typical audience, including women, teenagers, and many different kinds of audiences that are expanding, which is great. When we did that, we took a shorter deal with ESPN that had a broader set of exposure for us in terms of their eyeballs, but it was not the highest current deal we could get. And it was not the longest deal we could get. In fact, it was the opposite. It was the least amount of money with the most amount of eyeballs and the shortest period of time because our belief was that we would have a much stronger hand as we went forward among the various bidders. I think that is a good bet. It's one that we are winning. And all the reasons I outlined before, I think we will be much strengthened when we go to renew against ESPN and other alternatives.

Yes, absolutely. Again, I think that the good news is that we are talking about another race in the U.S. in Miami with different culture, with different philosophy, with a different way that we're going to structure the show around it. The incredible news is that in just a couple of weeks after our announcement, the attention with regard to this event is really massive. The expectation of getting at the level that we want, and this is the reason why we are building a good series of communication, a good series of programs in terms of communication with the American community because we want to maximize everything out of it. And I can anticipate, for example, one thing that would be fantastic: we're going to share with the stadium of Miami Gardens and the Miami Dolphins the races in Monaco because they want to start living the atmosphere. This will provide us the right platform in order to be ready, to ensure that the value we're going to generate from the U.S. will be even higher. And that's really the fundamental strategic thinking behind the fact that we're going to have to race in the United States.

So we will now take our next question from Vijay at Evercore.

I have a couple of questions on Formula 1, primarily probably for Stefano. So when you think about race promotions this year. Obviously, you have 23 races, but with or without fans and different proportions of fans, how should we think about that? Are you getting full promoter revenues? Are you splitting some of it based on fans? Or getting none and hosting the race? Any sort of thought because that's sort of the segment that has the most variability? And then we've been seeing a lot more press releases coming out on sponsorship on Formula 1 with your new sponsorship head. Is there a resurgence on that? Or is this that sort of more like a formalized process of letting us know on what's going on because that seems to be probably one of the biggest growth drivers for the business long term? And finally, one for Greg. Maybe it's a little premature, but Formula 1 becomes an ATB in January next year. You'll have Braves with an ATB. Any thoughts on what structurally you could do or would like to do? If you can share.

Thank you, Vijay. I mean the first question related to the fact that, of course, we have a situation that is evolving with regard to the attendance of the people on track. Greg has already mentioned, the thing is that we need to monitor race by race, case by case. Of course, the more we go ahead and the more it's likely that the opening up to the fans will not have a direct effect on the revenues. But we have also content that we cannot get into details where we respect that the attendance of the people has no influence on what would be the effect on our earnings. This is really a mixed situation, but we need to evolve and manage it. I didn't get the question with regard to the sponsorship, Vijay, can you repeat that for me, please?

Yes, Stefano, I mean there's been a lot of announcements, Zoom and a bunch of other sponsors you've announced more recently. I'm just trying to understand, is there sort of a resurgence in sponsorship in Formula 1 more recently? Or is it just better disclosure for us?

No. It's simply to demonstrate that the interest in Formula 1 is returning to a level that we believe is appropriate. The fact that major companies are eager to partner with us despite the pandemic is a significant indicator of confidence in our future plans. We anticipate that this trend will strengthen even further moving forward.

And as far as structural changes, we have no plan or intent today. Obviously, having a second ATB today; the only ATB we have at Liberty Media is the Braves; having a second ATB gives us flexibility if we want to create other spins, but we have no plans today.

We will now take our next question from David at JPMorgan.

On F1, we've seen Disney move to shut down Star Sports channels in parts of Asia. Just kind of interested to know how this impacts you first directly as I believe they carry the series, but at a higher level, how you think this pivot to streaming will impact demand for sports content in some of those regions? And then maybe just separately, Stefano, as you noted, viewership seems to be at a nice uptick through the races so far. Would be interested to get your thoughts on how much you attribute this to the Red Bull, Mercedes dynamic versus the actions that you've taken off the track like Drive to Survive and the social media outreach?

Well, if I may start on the second, David, it's clear that the better show is better engagement and better entertainment for the people; there's no doubt. But the thing is that is one element. The other element is the fact that we are really engaging with more people that are in love with Formula 1. Therefore, the fact that we are able to attract other people through different ways of languages that we were not used to using before, I think it's also helping the fact that the viewership and the engagement in any case and we're talking about not only TV; we are talking about social media platforms and other elements of OTT is showing that there is a lot of attention, there's a lot of interest. For sure, what is happening on the track is very, very important; there's no doubt about it.

I completely agree. Stefano, could you share your thoughts on the rest of the topic? After that, I’ll add my comments on the first part.

Yes, absolutely. Thank you. I mean, David, we have, of course, as you know, agreement in place. So we are expecting for that to be totally enforced. So we don't see that as a problem. We see actually a big opportunity for the growth of the TV and the engagement figure in that part of the world to find other solutions that we are working on, of course. But on this year financially, we don't expect anything that would happen.

So I think more broadly, if you think about it, more platforms is a positive for us. Yes, some of the legacy platforms may decline or even be eliminated. But in general, we're seeing new platforms created, that's an opportunity. It's just the way that here in the United States, when satellite came and eventually when Fios and other fiber alternatives came; that created upwards pressure on content costs because of the bidding. I think we'll see the same opportunity in what we do worldwide at Formula 1. As usual, we'll have a trade-off on exposure, which free TV offers against, in many cases, higher short-term rates for either over-the-top platforms or even more streaming platforms. We'll weigh our total dollars available against the exposure that we get for things like promoter value and advertising and sponsorship. So I'm not so worried about these sort of slower growth platforms being cut out by people like Disney; I'm much more excited about the opportunity from the digital platforms, particularly as they gain scale.

We will now take our next question from David Beckel at Berenberg.

I have two on F1. Just wanted to talk a little bit about the Sprint race format, maybe get a little bit of the thinking behind that. It obviously adds incremental value to your partners, but more specifically as it relates to future economics. Do you expect this to add to the value you receive from your partners? Or is it more a part of just adding value to existing agreements? And then secondarily, going back to the U.S. market and with the TV deal in play in a few years, I'm sure you paid attention to what WWE did with Peacock. I'm wondering if there's potential to sort of leverage the F1 TV over-the-top platform in a way that can augment the broader value of your U.S. broadcast and overall TV distribution rights.

Thank you, David. Regarding the Sprint format, I believe it will be advantageous for everyone involved. To directly address the last part of the question, we obviously anticipate gaining more value from this. Firstly, the activity from Friday to Sunday will be very positive for the organizers as it creates plenty of excitement and engagement, which will directly impact the attendees. This change has received enthusiastic support from all the organizers. Additionally, we are presenting this to our media partners as an opportunity to create new content and offer different forms of entertainment with a novel format that hasn't been used before. Furthermore, partners who have the opportunity to be on the grid both Saturday and Sunday, even with a different setup, will also experience the race's peak excitement on Sunday. We believe this will positively influence our financial standing while enhancing the thrill of racing.

Yes. I would like to add to what Stefano mentioned. We are definitely observing what WWE has accomplished with Peacock, which seems to signal a longer-term trend. I think very few sports have enough content to support their own over-the-top service as their primary platform, simply because there isn't sufficient content available. When you consider WWE, they possess significantly more content than we do. F1 TV is a valuable asset for connecting with fans, especially our most dedicated supporters. However, it is not part of our plans to focus solely on traditional broadcasters or other over-the-top services seeking a wider variety of content and relationships. We are keeping an eye on this, as it aligns with our perspective. I truly believe we will encounter opportunities with larger digital platforms, and F1 TV can play a role in that.

We will now take our next question from David Joyce at Barclays.

Two topics. One is just another clarification on the promotion. When you say it was one time, does that mean it was just one promoter? Or are there any others lingering out there? And was it within the range of a typical promotion fee? And then secondly, on sponsorship, how should we think about the range of sponsorship types of contracts? Like how many are based solely on particular races versus the proportion of revenue that is really allocated across the season? And are there any other types of sponsorship structures?

I can do the promoter piece. It was one race, and that's disclosed in our earnings release as it relates to the typical range of a promoter agreement. We have a wide range. So it falls within that range, yes.

So David, with regard to the sponsorship, the range, of course, depends on what is the package that we have. We have official partners, and we have other kinds of relationships, and all are related to really the rights that they're going to have. So we have different packages that are all consistent with the season with the old and top championship and not related to the single event itself.

We will now take our next question from John at Gabelli.

Switching gears, sports gambling is hot. You probably saw, I think, DraftKings, Sling, and so on. What are the benefits you might see from your RSN with Sinclair or Bally as it is now? Is there anything that could actually help you?

I believe that the benefits from this will be secondary rather than primary. We are likely to see increased fan engagement. Georgia is expected to legalize gambling soon, although it isn't legal yet. It has been proposed in recent ballots and seems to have favorable prospects in upcoming elections. This could create some minor revenue opportunities for us there, but I don't see it as a significant revenue source directly. I think it would be beneficial if we and MLB could leverage this more broadly. Ultimately, it will continue to engage fans, but it's uncertain whether it will directly contribute to our revenue on the P&L.

And just as a second broader question on sports, you've probably seen some of the disruption in England where the fans became engaged in...

Around the Super League, you're saying?

Yes. And just generally, a fair amount of disruption there, a lot of talk of PE companies buying into Serie A, nothing happening. Is that an area where you might see some opportunities? Or is the fact that a soccer team can be relegated just makes it too risky?

No. John, we have explored as many of those opportunities as possible. We find it intriguing. There are discussions about the various leagues and their current positions regarding potential broadcast revenue and other opportunities. We reflect on our experiences with Formula 1 and the Braves. We believe we have had a positive impact on the league at Formula 1 and initiatives like Truist and the Battery, and we consider how we can leverage the skills within Liberty for various opportunities. We are trying to demonstrate that we have been responsible and committed owners, which might contrast with how some other American owners or private equity firms are perceived. Although we haven't yet discovered a mutual interest between parties, we are actively searching. I believe that the disruption in that space does open doors. We watched the Super League situation closely since, prior to our involvement with Formula 1, there was talk of a potential breakaway in that sport, which ultimately did not occur. We are quite knowledgeable about breakaways, and we believe we have effectively addressed that possibility at Formula 1.

So we will now take our final question for today's conference from Matthew at Benchmark.

Even aside from Max Verstappen and Lewis Hamilton's wheel-to-wheel battles, this season is likely the most competitive since 2012. Ferrari is making a comeback, alongside McLaren and Lando Norris. I'm curious about the extensive changes planned for next year aimed at enhancing on-track competition. Does it concern you that so many revisions are being made for next year, even though this year's performance has started off strong? Do you have the flexibility to adjust these changes, or is the plan to just move forward as is?

Matthew, the changes have already been discussed. The teams are already working on new cars and new regulation. And the train has already left the station. So we are very pleased because we are convinced that this year is already a great season, but next year with the changes that have been planned will be another great opportunity to showcase what Formula 1 is in terms of the ability of always keeping the attention at the center. And therefore, there's no other things but checking everything in terms of all the details to make sure that the changes that will be massive on the cars next year will highlight the possibility to have a bigger fight, not only between two or three drivers, but even more, and that's the objective.

Yes, I'd like to add that we are fortunate to have such a great season. The efforts put into the concrete agreement by Chase, Ross Brawn, and others were significant. We aim to enhance competitiveness next year and are very excited about the current developments and even more optimistic about what we can achieve in the years ahead. With that, I believe we're done for today. Thank you very much for your interest in Liberty, and we look forward to speaking with you again next quarter, if not sooner.

This concludes today's call. Thank you for your participation. You may now disconnect.