Liberty Media transformed Formula One racing after its more than $4 billion acquisition in 2017. Chairman John Malone foresaw untapped digital potential, and the 2020 pandemic accelerated F1’s online growth. Struggling teams faced financial collapse pre-COVID, prompting Liberty to cut costs and redistribute earnings. The cost cap has since leveled the playing field, boosting competitiveness. Netflix’s Drive to Survive and U.S. race expansions, including the Las Vegas Grand Prix, increased global popularity. As F1’s value surged to $17 billion, challenges such as sustainability and disputes with Andretti Global loom, but Liberty Media remains poised for growth.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Liberty Media transformed Formula One racing after its more than $4 billion acquisition in 2017.
00:08Chairman John Malone foresaw untapped digital potential,
00:11and the 2020 pandemic accelerated F1's online growth.
00:15Struggling teams faced financial collapse pre-COVID,
00:18prompting Liberty to cut costs and redistribute earnings.
00:21The cost cap has since leveled the playing field, boosting competitiveness.
00:25Netflix's Drive to Survive and U.S. race expansions,
00:28including the Las Vegas Grand Prix, increased global popularity.
00:32As F1's value surged to $17 billion, challenges such as sustainability
00:36and disputes with Andretti Global loomed, but Liberty Media remains poised for growth.