Liberty Media Corporation’s Liberty Formula One Series A (NASDAQ: FWONA) represents a tracking stock designed to reflect the performance of the company’s interest in the Formula One Group, the preeminent global motorsport organization. Through this structure, Liberty Media seeks to provide investors a direct stake in Formula 1’s revenues and growth, distinct from its broader portfolio.
Formula One Group owns, promotes and distributes the FIA Formula One World Championship, comprising a worldwide calendar of Grand Prix events, exclusive broadcast and digital media rights, sponsorship and licensing agreements, hospitality services and merchandising. The company works closely with race promoters, teams and host venues to deliver a premium live and digital fan experience, while monetizing its global brand through partnerships with automotive manufacturers, technology firms and lifestyle brands.
In early 2017 Liberty Media acquired Formula One from its prior private equity owner, CVC Capital Partners, marking a strategic entry into the live sports and entertainment market. The transaction was structured through the issuance of two separate tracking stocks—Series A (FWONA) with voting rights and Series C (FWONK) without voting rights—enabling focused capital allocation and reporting for the Formula 1 business. Formula One’s operations span Europe, Asia, the Americas and the Middle East, with increasingly diverse race locations and digital initiatives to grow its fanbase.
Governance of the Formula One Group is overseen by John C. Malone, Chairman of Liberty Media, and Gregory B. Maffei, President and Chief Executive Officer of Liberty Media. Day-to-day leadership of the Formula One business is managed by Chairman and Chief Executive Officer Stefano Domenicali, who brings extensive experience in motorsport management and global event operations.
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