Liberty Media Corporation's Series C stock (FWONK) surged 5.08% in Friday's pre-market trading session, fueled by strong financial performance and growth prospects for its Formula One Group business.
During the company's Q4 2024 earnings call, Liberty Media reported a 6% revenue increase for its Formula One Group in 2024, driven by the addition of two new races and the signing of new sponsorship deals. The company's successful efforts in securing long-term revenue streams were highlighted, with $14.4 billion in future revenue already contracted under multiyear agreements.
Formula One's digital expansion also contributed to the positive sentiment, as the company reported a 15% increase in F1 TV subscribers in 2024. To capitalize on this growth, Liberty Media plans to launch a new premium F1 TV tier offering enhanced features such as 4K ultra-high definition and multi-view capabilities, catering to the sport's avid fan base.
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