Liberty Media Corporation – Liberty Formula One Series C (NASDAQ: FWONK) is a tracking stock designed to provide investors with direct economic exposure to the company’s Formula One Group business. Established by Liberty Media Corporation, the Series C shares represent a discrete ownership interest in the global Formula One racing operations, standalone from Liberty’s other diversified media and entertainment assets.
The Formula One Group develops and promotes the FIA Formula One World Championship, managing all commercial rights, broadcasting agreements and brand partnerships for the series. Its core activities include negotiating global television and digital media rights, securing title and team sponsorships, organizing Grand Prix events, and overseeing the sale of licensed merchandise. By centralizing these revenue streams, the Formula One Group seeks to enhance the long-term growth and profitability of the premier international motorsport series.
Liberty Media’s acquisition of the Formula One Group from CVC Capital Partners was completed in January 2017, when the company paid approximately $8.0 billion for the business. Following the acquisition, Liberty Media created separate tracking stocks—Series A, Series B and Series C (FWONK)—to offer investors varying voting and economic rights tied specifically to the F1 operations. The Formula One Group is headquartered in London, with key commercial offices in North America and Asia, reflecting its worldwide footprint.
Leadership of the Formula One Group is overseen by CEO Stefano Domenicali, who manages day-to-day racing and commercial operations, while Liberty Media Corporation is guided by Chairman John C. Malone and President and CEO Greg Maffei. Under this leadership team, the Formula One Group continues to expand its global calendar—now spanning more than 20 countries—and invest in digital platforms to engage a growing international fan base.
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