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spk_0: even gentlemen thank you for center by welcome to liberty media corporations first quarter twenty twenty two earnings call during the presentation all participants will be analysts normally mode afterwards we will conduct your question answer session at that time if you have a question please post star one on your telephone as reminder this conference is being recorded may sixth i would now like china the conference over to court each run chief portfolio officer please go ahead
spk_1: thank you for forward weekend we'd like to remind everyone that the call i was bored looking statements within the meaning of the private security litigation reformat format that like ninety five actual events a result could differ materially due to a number of risk and uncertainty including note mentioned and liberty media most recent form and pay and ten you are liberal media with asian most recent form ten km tenth you filed with the c the forward looking statements the only up of the date of this call and liberty media and liberty media acquisition it's firstly disclaim the obligation are underpaid to disseminate any updates or revisions to any forward looking statements contained herein to reflect any change and liberty media or liver really the acquisitions expectations with regard their field or any change and of them conditions or circumstances on which any such statement of faith on today's call we will discuss a non gaap financial measures for liberty media jury affect them including a joke that old adage of to eat at all the required definitions and reconciliation for liberty media and furious that them schedule one and two can be found at the end of the earning freshly issue today which is available on liberty media website now i'd like to mccall over liberty president and ceo right mcveigh
spk_2: thank you coordinate and good morning to all of our listeners today's be beyond the call will also help formula one spread them feel stefano domenicali and liberty cheap accounting and principal financial officer brian when we so i'll begin with liberty serious exam we received eight hundred and seventy two million a gross dividends from syria tax for in the first quarter including special and regular job then we because of the nature of our convertible bonds we get a pass through a thirty million dollars or that special dividend we continued our share repurchases repurchasing a hundred and eighty two million across l effects may and k from february to april we were purchased those at a look through price on syria about three fifty six a share we've course remain just disappointed with the discount and attacker as much as we can we are very focused on long term value creation for our shoulders now looking at thirty six i'm itself solid start to the year continued to perform well financially despite a challenging auto market revenue was up six percent monthly charge was wonderful down at one point six percent and we had record our pool up nine percent new car penetration for service exam is now at eighty three percent and has enabled a fleet of a hundred and forty six million cars here in the us as expected shopping at ads were down slightly due to challenges in the auto market this was partially offset by strengthen digital and we to fifty percent increase in the subs listening generally to our on demand contract i'd also note we launched our first ever streaming channel for economics dedicated to podcasting and available across all the deus ex and platforms ethics a media was named the number one pod cat ad network according to edited research and we represent or of the top fifteen podcast and the country with the addition of crooked media in this month author beginning with this year's masters series examines the exclusive audio provider for the torn it meant and providing excellent programming costs or four rounds turn to live nation five live first best quarter ever including get another record quarter ticketmaster and compared to two thousand and nineteen a wired up to times transacted gtb is up thirty nine percent and sponsorship a wise up seventy five percent we expect a record twenty twenty two we've already sold seventy million concert tickets and expect double digit bancgroup first two thousand and nineteen concert ticket pricing is up double digit it's over two thousand and nineteen due to fan demand for the best seats and over ninety percent of our plan sponsorship net revenue is already committed during on that one group on the corporate side we repurchase three hundred forty eight thousand and want to shares for twenty million dollars or fifty six fourteen to share and looking it up one itself thrilling start to the twenty twenty two season so far we've had bounced back and forth on who will that be on the podium each weekend the spread it then it emulator brought exciting qualifying results and the poor man is working well with a new regulations and producing strong viewership numbers the sprint audience is up twenty eight percent versus the qualifying last year at imola we also see record demand in the u s early in the season on e s p n viewers for the sunday race in both saudi in bahrain rep fifty six percent and that was the most viewed rape since he has been required the formula one race in two thousand and eighteen the momentum in the united states continues with this weekend's inaugural miami gp and of course you can't have not heard about the announcement of our las vegas gp or november twenty twenty three as we've noted before that will be and i raised on the strip and notably and differently than most places formula one and liberty media are still promoting the race in partnership with local stakeholders and live nation the build up for this track will require increase cap action aka backs to develop and actually provide you with numbers but we intend to update you later this year i would note that liberty media get into an agreement to acquire thirty nine acres east of this trip to lock and circuit design a quick capacity for the pit paddock among other hospitality and race support venues expect that transaction will close my second quarter and the purchase price was two hundred forty million dollars to will be funded by cash on hand at the formula one group level we announced numerous commercial announcements including on the meteorite sign an extension with buckle group in australia and can help loose in france sponsorship is often exciting start this year with several new deals including to new global partners msc and salesforce and we look forward to more announcements as the your progresses what we also look for to seeing some of the this weekend in miami
spk_3: turning the braves
spk_2: we started a season with a week long world series champion celebration including delivering world championships rings to the players we've completed less than twenty seven percent of the season so long way to go in last season's showed how far things can change over this hundred sixty two games we are hovering around the same record as last year and we all know how that turned up at least we did manage a split with the maps last couple of days we are excited about our roster we saw and first base metals and a twenty seven year old atlanta native we strengthen the bullpen with janssens edition and we're thrilled to welcome run local your junior back in the lineup this week while it's join a season financial performance has already been incredible go into the season we had a higher season ticket sales and more than two decades we sold our all of our multi your premium seats for the first time ever and open our renovated get dealt a club and retail and concession sales been strong for the first few homestand including so showing up most of our gold program jerseys as you undoubtedly know a new c be a was signed in march they'll be minimal impact from the late start since the last games were away games and we still expect people hundred sixty two game season in january we ought to complete the sale of three minor league teams and and final exciting news we raise debuted the digital to was park in april for future metaverse ban opportunity engagement during briefly to l mack nothing to report today obviously will announce when we have something by would note be environment which is very difficult as many of you know i think does faber us and we can kinda look at some interesting opportunities with that i'll turn over to brian for more on our financial results like grade and good morning everyone in january we settled exchanges of the two point two five percent live nation exchange for vog for total consideration the six hundred sixty four million
spk_4: funded with cash and marginal on drugs a quarter and liberty through september as tribute to cash liquid investment and liquid investments of approximately six hundred thirty four million which excludes seventy six million occassional that sirius xm there's also one billion upon on drawn marjah lung capacity and parent level related to our serious like them and lot more to tomorrow as of make that the value of the series like them stock held at liberty respect them group was nineteen point seven billion and the value of the live nation stock help the six point six billion we have three billion in principal amount of debt against these holdings
spk_2: photo liberty serious like some group attributed principal amount of debt it's thirteen point nine billion which includes nine point nine billion of dead serious xm
spk_4: formula one group had attributed cash liquid investment in modifies will public only one point six billion a quarter and which excludes eight hundred and thirty four million of cash hell directly formula one
spk_2: total formula one group attributed principal amount of them with three point four billion which includes two point nine billion of that formula one leaving for and that the four million at the corporate level
spk_4: one five hundred million dollar revolvers on drawn and formula one leverage at the end of the quarter was three point seven times meaningfully within our target leverage right part time quarter and we're no longer and appeared covenant were i'll going to a few cash items on formula one formula one estimated cash tax rate and twenty twenty two to be single digit a single digit percentage of adjusted way of it up increasing modestly to low double digits and twenty twenty three in there after as a result the uk the tax rate increase the fact that next year additionally formula one is currently undergoing a project to refurbish an upgrade its uk based media and technology center of it big can on the uk which broadcast production and other technical activities related to that are based formula one expects to incur about forty million dollars and incremental cap that associate with this project shockingly half of which will be recognized and twenty twenty two and or made next year the solve a callback excludes and a kept back necessary to support the launch beloved it's grand prix and twenty twenty three and as greg mentioned provide updates on that later and later in the year as a reminder under the current concorde agreement team payments now take the form of an entirely variable prize bond which now chiappe calculated based on at once adjusted either rather than adjusted ebitda the just that able to measure that was using previous agreements such that the calculation now take account cap acts which is incorrect through including depreciation cost and the calculation
spk_2: finally the braves group the quarter and they attributed crit that the to cash liquid investment three hundred eleven million which excludes twenty six million of restricted cash
spk_4: right group have attributed principal monitor six hundred and seventy eight million it's greg mention the bridge completed their sale three minor league teams in january procedure including in our financial results and they are disposition and the first quarter and you can see additional details on that our our you which would file later today liberty in arkansas that city or or compliance with that covenants that court around and with that will turn over stuff know to discuss formula one
spk_5: thanks brian
spk_6: i've failed to be miami this morning as we have set for the integral my in the grand prix the seat is buzzing with excitement and we're looking forward to the weekend the two thousand twenty two season is off to a phenomenal start the many changes to the cause of regulation have resulted in improved racing the cars now follow more closely enabling great opportunities for wheel to wheel racing we drive is to a position multiple times making them think most with a you play about the moves the sprint is back and we held our first event of the season enabler that came down to the final few laps it turned out to be a grand slam weekend for rebel heading qualified before winning both the race and the spring and security extra point for the fastest lap the first brink of the season recorded a total lotus this of a point four million twenty eight percent versus qualifying of the same grand prix in two thousand twenty one would strong growth in brazil and in the u s the more we can on this guy's poor italy website recorded up seventy five four percent increase in unique he was compared to the emerging be in two thousand and twenty one on have one social platforms we saw one the hundred and forty nine media's billion view up thirty six percent versus evil up in two thousand and twenty one and forty five minutes engagements a forty three percent increase versus two thousand twenty one however the top of the season so far his ferrari which has shown real strength with a cat and shows the club could be leaving the drivers' championship by twenty seven points rebel eye catching up and we expect decision to continue to great great him and close battle of the front as the construction computer to refine the new cars we expect more surprises during the season and opportunities for great race in the growth agreed as confirm on our last only school we will not be racing and rushing in september we are currently see that the options for the spot and off to a mouse more information so the action on the track is certainly drawing in the audience three mana the average oldest grand prix across the main civilian sunday sections you twenty three won a million and is up ten percent versus two thousand and twenty one season average in the u s the saudi arabia grand prix broad to in over one point four million average reviews the ninth highest of old times and second the highs of on people and other a themselves the fans are back in huge numbers we had that they could have benzene bring in saudi we add the one hundred and forty thousand fans over the weekend with full capacity melbourne was the largest we can ever in has poured in history with four hundred and twenty thousand fence so the best think of saves almost everywhere suggest we may continue to see sell out other races for the remanded of the season including here in miami we were thrilled with the response to season four hour drive to survive the cedars most popular season yet on the opening weekend fans consume twenty eight meters hours of drive to survive and the show was ranked number one and thirty three countries lukens wars the two thousand and fifty three season we announced that the boot of the las vegas grumpy november two thousand twenty three this will be a sub for the night waist down the iconic strip we cannot think of a more perfect marriage of speed and global stage in operation you as demonstrated the huge appeal and growth or while was put here in fact in the twenty four hours following their official announcement when as big as an ankle resort so more requests for their rumors sedation than any other one day peter in their history he also saw the announced and generate fulltime most social media pvt than the two thousand and twenty four vegas superbowl announcement it is precisely these opportunity that led us to take on the promoter road for this race we believe acting as promote promoter would provide the odds with available inside because the bro as were mention that this will require investment on both the cabbage and up oversight side and we plan to shed more on these later this year additionally on the a side we announced that we extended the immediate romantic not be at the a game on tracked through two thousand twenty five we are pleased with the progress made in the other commercial areas especially with our new sponsors into to several in the technology space saves salesforce has joined the the global part in the movie a deal in addition to the growing and deepening the geisha with our fan base would gain that actionable inside around a couple footprint as they marched toward our goal of net zero emissions by two thousand and thirty telecommunications with term as the official broadcast productivity provided a former one they would facilitate that the transfer or more than one hundred video feeds into hundred and fifty or your channel between the venues and the f one media and technology center in the uk in under two hundred milliseconds enabling us to reach over five hundred million fans in a one hundred and eighty tinted territories we've already made great strides here on the his g front as our move to remote broadcast operation two thousand and twenty allowed us to reduce our values of traveling faith and stuff of the racetrack we also welcomed the lenovo as an official partner and we will use their technology across our operation we we leverage their extensive selection of premium hardware they know that the next generation technology such as as a mentor them beach or reality additionally we work together with lenovo on projects around diversity and inclusion we were also pleased to announce that a new will an expansion of our partnership with work the i'll either in enterprise cloud application for finals and human resources absolve of the global space we announced a multiyear deal with msc cruises as a global partner and they plan to bring the cruise ships sports side during the selected grumpy weekends and alpha diary reds would prevent fashion brand has become the official premium fashion appeals to play a former one on the broadcast problem with a new that would punish you would come up loose and two thousand twenty nine it seems significant viewership go from france the two thousand twenty one average viewership for each grumpy was up eighteen percent over two dozen twenty and up fifty percent compared to two thousand and nineteen and the first two grumpy we have the season already rank among the top five wage of old times for f one event from cannibals as part of the the says partnership callow to subscribers we now get access to have one tv probe through my canal we also in the u you our publisher with the fact that group in australia in a multiyear deal every grand prix will be available in full pay and foxtail with think the f one tv app into we've set top boxes for i'm two thousand and twenty three the f one tv app will be available free to fox of subscribers and will provide multiple live in race feet comprehensive like timing data and this cousy programming on the end of the track f one pv continues to see significant growth accelerate in into two thousand twenty two from an already trump two thousand twenty one of the first wave of the season embody the platform gained four hundred twenty seven k new users and concurrent viewers were up to one hundred and forty four percent compared to two thousand twenty one we continue to evolve in prompt and i'm feeling that for manager two thousand twenty two the first management simulation game as part of a long term movie title agreement that will be released the summer the game allows you to be the team principal choose your drivers and engineers and balanced budget as you manage your team to victory find out if you are total or christian or may even the gunter
spk_7: as you can see from the our east and commercial nazran our he has she goes out a major focus not only for us but also for our partners we are moving towards our goal of be net zero carbon as a sport by two thousand and thirty four the bahrain grand prix we exceeded our target to have said our emissions i would experience promoter
spk_6: the brain international as you can demonstrate vision and speed by completing a major solar project the more than with the energy requirements of the entire of the weekend the success with of these shows while we can do as a sporting community to make a positive contribution to reduce emissions and our carbon footprint we hope you enjoyed this weekend the rate in as much as we plan to about the the first be that and now or wait told the cold back over to greg thank you
spk_2: thank you step and brian we hope you'll tune in to our inaugural miami cheaply this weekend we do appreciate your continued interest and liberty media and look forward to a healthy productive twenty twenty two and with that operator i'd like to open the line for questions
spk_0: thank you if you would like to ask a question you must signal by pressing star one on your telephone keypad if you're using a speaker phone please make sure your me function is turned off to hire signal to reach our equipment once again star one for question of a first to david karnofsky with jp morgan
spk_8: i thank you
spk_9: with the las vegas group grand predates hoping you could discuss little bit more the decision to promote this yourself as opposed to a third party this is primarily about capturing the financial upside be on what you could get on a promoter fee would you look to apply this model elsewhere and then gregor ticket it started to call you mentioned to hundred forty million for just for land adjacent to the site in in vegas wondering if you could provide some a incremental detail on what you're buying here in kind of how that ties and the which effects thanks
spk_2: while our i'll pick cotton that let's step know at i think i indicated by thirty nine thirty nine acres for twenty forty my dog and that will be the site of the pit paddock and some other hospitality we don't have any other financial details yet to release on what else will be spent on that site i think our decision to promote vegas in conjunction with live nation and local partners is driven by a couple things you know one proximity it's fairly easy relative to being in denver to get to vegas rusted to be the work and we have some knowledge of the local us market relative to many other markets but i think it more point that we see the the up to be a promoter as a way to expand our understanding the business understand what how to be eight that one of the one product on the track for other promoters as well to look at an opportunity to grow our knowledge and our our understanding and potentially promote other races down the road and lastly i think you know vegas is going to be a large and unique perhaps unique opportunity so from financial perspective we think it's one sets up pretty well to be worth the the tide extra focus to become the promoter i don't know what you would at no thanks where i get out of the great was very spot on all the points that
spk_10: i would say that the as we remember david the vegas has been always a place where we to believe that that the association with into that is a fun little island the glamour and the attractive know that was believed to be it that the community is crucial that i would say on top of that financial say that we can see around that business week we can be seen the enabler to maximize what potentially they get can be for for what intimate will warn us and into over be creation of them over at week in an area of the world where we can bring into nationality and and i think that the the great way to win the a business also for the ones that that a little bit but bush
spk_11: your our knowledge of the business
spk_10: an hour workday to explode with our live nation pardon and i think it the bet the in order to make sure that in next year in november way that have the race that there will be spectacular there will be unique it as i would say we can feel here in miami already
spk_12: thank you
spk_0: we'll take our next question minecraft with deutsche bank
spk_13: hi good morning i had a high level question and one on formula one odds i guess greg first would your over overall thoughts on the economy in the extreme environment and how are they impacting your decisions around capital allocation capital structure potential new investments and is now the time to it say deploy capital for new investments given the decline asset prices are you more the mind that cash preservation is most support now and then on the formula one side i guess you know stefano greg can you talk about how formula one benefits in the from what appears to be really strong economics around the my amie grand prix i think the terms there for miami or or bit more variable than can me your other his promotion deals not so any color there would be great and i guess is apollo to david's question was anything that you are seeing in miami the that helped to inform your strategy to become the promoter for vegas because you saw that things were going so well there and you know saw an opportunity to participate in a big when the upside and then i'd one more on just on the investment in vegas and developing that it in terms of or order of magnitude how much bigger might to vegas buildout get in terms of dollars universe is what you've already laid up for this year and how do you think about potential external financing their whether it's you know get specifically on the project bring in some of the creative stuff like he did maybe with the braves in atlanta thanks
spk_2: to i'm going to part those on the last one i don't think are rated talk anymore about the outlays at vegas it will be bigger their bread box but manageable i don't think only downside partners and i don't think will need that we have quite a lot of cash one i'll let that been talking about more about what miami informed of and i'll talk more broadly about cash mark thanks greg right i'm in a you know
spk_14: different for more relieved with the promoter is related to much you might be able to eat that the each place can going camping to formal what and i think that the it's clear that the what we can see a a just arrived at two days ago and miami am a that divide that the we have created this for more one is immense is great
spk_10: and you can a election developer see to strategy that one how we can maximize the value before we went to community but also how we can maximize the value of our partners that that are coming here adding that painful and can see as once again that enabling factor all of a great in business opportunity for that at is on direct value that for more one is in very highly today because of the success of our international plot to and of course
spk_11: the fact that here we invested together with our promote of the miami dolphins it because they knew the community they have that the right the expertise to maximizing the short that them as possible what we want to bring a for former what and the other said this success he's already high before the crowd believe it and of course this is the first time we
spk_10: yeah here we can see a different business model having a lot of corporate business that was to develop the that that's what the for the motive that is different from place to place the showed this is something that also from i wish i could be very important to to learn in order to be even more effective world gum to las vegas and we gonna be data people the promotion of it
spk_2: you know so on a on a larger question about the the market barman you know it gary trying to imagine investing catching up on knife in this industry environments cox but i abstained general we try and take a longer view you know there are opportunities that could create a nice environments saw the best deals we got like sirius xm were created in difficult economic times we're lucky to have not only cash availability at this back and won nip in excess cash both and strong three cashflows serious and
spk_15: formula one
spk_2: that you know i think that creates opportunity for us exactly when that would be times when will make a decision in a we we out a lot of benefits and our model but we have some disadvantages it's not like we can turn around it just say bye bye percent of the company in the market we think the bottom is which you know to longest like like finding feel i definitely think the environment will create opportunities for
spk_16: with and will be on the lookout
spk_17: can thank you both
spk_0: and he will take our next question for he's a giant went evercore
spk_18: thanks i'm on formula one
spk_19: on the las vegas rates would make their who we think about it that as an incremental or rates are we going to twenty four rate for you get a replacement for russia the here and i guess what what is the policy to actually add more rate you know elites reading some of the keep complaining that the to me with already you know it is there like a rarity process that the have to go through with the availability and anything on that would be appreciated and then on on some of the new a for coming back since kobe really japan and singapore they used to be refilled sponsors for them that pretty material on that think is that an expectation we should have that they come back getting singapore airlines and and honda
spk_20: thanks so much
spk_11: actually jam and i can answer on the calendar as you know first all we will not published at the calendar for next year a thermal processor you know that that is an agreement with the in our be for every other things to discuss and is on our side as a commercial right older to make sure that we find the right balance between
spk_10: you know the number of events historical event and new opportunities i can become because we had a world championship and i think it if you think back a couple of years ago as always that a right to you for had been a good calendar is related to that the man and put the offer though we can provide and i think that today we are always talking about twenty people before races and up the what we believe today the right number concede that of this success that we live in today well we were talking about las vegas that will be in the callender of caught that the only thing that we are not school next year and i would say on the other hand he would see soon what will be our strategy and we have to respect the process as with this and there we going to announce it the not earlier that the at the end of the of summer because that's something that we want to
spk_21: you beat them put that in the right way
spk_2: with regard to the local promoters and as pleasure sponsorship with japan and singapore yet for the you know we have already announced that singapore airlines will be part of the promotional back his own singapore because for them is a very important part of and we respect that japan we are you will discover soon up of course to have a honda for example because of their decision to with officially for one they know they could be is something special but we want to that couldn't ask for them
spk_10: during that event so this is part of the strategic discussion the we had abu with with promoters the and i think that the the economical benefit of course will go into the system and of course also with us
spk_22: thanks so much
spk_0: thank you will check on next question from steven like thick with goldman sachs
spk_23: good have you want a formula one that living in the first call came in the little the genre anymore
spk_9: expected i'm wondering if you could help us make impacting the driver do that stream maybe across meteorite sponsorship reach convention
spk_23: in other revenue even better on mobile
spk_2: i'm sorry revenue beat expectations jump on the one with the head
spk_4: well i mean you know for formula one of three had to write the first one last year and we're really back to more normal activity them we've we've been over the past couple years so you have for crowds and you know it good sponsorship revenue as well
spk_2: also right caught the been up that some of those costs are off the on a team so there's incremental benefit their but you know normal activities compared to the past couple years really were we guide your baggage that i think we've seen growth in almost every revenue category
spk_9: but the way we recognize revenue randomly across rate is probably had the single largest impact the fact that to versus one of the first quarter recognizing that many of our revenue streams are recognize radically than could kind to the particular race got a picture that and then maybe want to drag on sports media i'm curious how you treat interested in or not need the that sports media like could get in over the long term is complete and turned around should be described the openly play how to people get out people who had given you quite content
spk_24: or is the top and you market company on that you can get that to and more broadly
spk_25: yeah i think
spk_2: at the complicated topic and partly you know where he said it's how you view it and why say that you know i think there will be strange on on the braves potentially over the long term as the irish and become less included in the bundle on a regular basis that will put pressure on some of the rs and revenue streams the brave and particular have a very strong irish and revenue stream and a lot of demand so we may be less impact of the many but garbage see that turmoil it could be a negative on the other hand you know formula one has seen increases in demand an increase in viewership and we have the us media writers is commonly known up for bid right now beginning for next year season and we have a lot of interest not only from traditional linear players but digital players and the offset to some of the decline and cable subs is the increase in some of the digital subscription so that opportunity is you know i think in the network probably better off with more players getting then than that changing landscape
spk_26: maybe them on it and then a charter which is not the focus of a call we have a whole nother set of of dynamics when some cases where helped and in some cases we may be hurt so you really do either a lot changing and a lot of it depends on which company we're talking about
spk_0: do you think that
spk_27: we'll take our next question from button clash with rosenblatt security great thanks for taking the question
spk_28: how what i want to check for one question out
spk_27: which shot comment about your back that it was a good question which is looking at the braves you know they're trading right our it you know market value of maybe three and a half times are so kind of sales and you know you've seen the market transactions for baseball teams and that the the next kind of sales range you know so the the question is you know
spk_29: why won't you guys take them more steps to try and achieve that value right now for the braves the what of things that would seem to be open to you if you now have a second a with formula wind and now brave soul would be possible a split you know maybe the braves off international stock which might help that are your process you don't get people thinking about pike market
spk_27: actually maybe down the road
spk_2: so kind of curious what what your thought process is that why you pursue those type of are opportunities to date great question even if it's not yours barton from the better still a good question the i think we're looking at all options and considering what we might do some of these things are more recent about when are a few people actually believe he has occurred there some issues also we're still looking at around syrian what we might do there is you know we cross just crossed over the eighty their we've just had formula one become and a p b
spk_27: so there's a moving target and we evaluate all opportunities and i think your investors program not sure seven times we'll see but certainly multiple were trading is lower than that multiple which has been in private transactions whether it would still trade to that level of what it's a private sale transaction burst the public market transactions open question but i do agree that probably having the flexibility of do that would probably be proved rating overtime okay and then you know off on the braves are you not wanted to ask about the arse and deal with the bally oregon and yeah their pursuit obviously rights from teams the do the direct to consumer streaming service you know the braves are not yet tied up for that but we could see that front of the brutality a charter had done it we should deal with sinclair that involved the are sands and
spk_2: i'm just wondering going to pass you guys have seem very skeptical about signing up for you know to have the braves carried on that it seems like you weren't really into that now charters that a deal with them or just want a there's anti evolution and you're thinking or whether it's of seems like god not likely that you want to do that while i think that ball arguments as well you know well and were charters has a kind of similar to the the my answer i gave before where you sit if fines what you want to see happen we ebay a good are and deal that runs out till twenty seven
spk_30: i don't think that's probably more valuable lesson any a digital deal either in or incremental kind of digital deals that are around that potentially and there's using growth in lots of kind of digital around
spk_0: baseball and now people like apple entering to by right so i think it's evolving i don't know bally's is going to be the lead player they've got their challenges that we certainly open to to our watching how the market evolve
spk_31: great thank you and he will take on next question from david choice with barclays
spk_9: big you millercoors to none for will one please
spk_31: conceptually how should we be thinking about the group liberal versus agents rating agency relationship on flint so promoting this
spk_13: you're not looking for any new financial specifics but just like helping was who would it be something where you live nation the promoter and taking all the new top line but then they have the new be operating expenses
spk_2: in in for former one would get the be something along the lines of a police promotion fee plus the margin or the flipping that is going to be reflected directly on no new formula one's financials they were people in our partners even our partners reflected in the of dark like brian give the really accurate answers you know in general
spk_4: we're the primary partner live nation is the from a financial perspective it's a secondary partner they were roles for important but most of the capital investment most of the outlays come from us not from from like nation and we don't anticipate that this is going to be called out separately on our income statements won't be material in that sense so the lines will generally be folded in promoter fees and the like sponsorship hospitality cetera but of brian what it what what you are correct me on neither that that's very accurate i would i would say you know will walk and solid hey that's great said so the revenue and cat that will be on our books as well the cough and also it's great that we would expect that the in we we need the ultimately fine tune the once we have the race but our expectation right now that you would see the revenues go into their traditional bucket so at a club would go into the revenue and and sponsorship than i would go go or sponsorship currently goes and then you know predicts that were selling tickets we would expect that that probably goes into our
spk_32: promoter revenues so it'll a very similar except for the fact that were consolidated costs which normally
spk_0: and all the revenue words the under normal promote a relationship we just have that the
spk_33: great thank you very much
spk_9: next to jason bazinet with city
spk_34: the question formula one
spk_9: you mentioned me over time maybe promote other reasons and i guess if you look at the twenty foolish reasons you what other some of his obviously iconic places where you probably won't so promote but if you just
spk_2: he was in a blue sky and how many of them
spk_35: twenty three other the would be self promoting would be in the bucket where you might so
spk_2: i don't think we've been up i'll let them know that i don't think we've been out to the plans were going to start the where you know how we do this hopefully make that excessive that we believe we can make it
spk_11: i would only cautiously say don't be so certain that places which are iconic a places where we will not eventually become self promoter i wouldn't catch decide that opportunity that know what let us not show the i think that the the building if i may say that the of this moment is it fair because the new promoters or really put a new energy and you buy into the system i think this is something that have a collateral effect on the
spk_36: traditional promoted that the need to keep up the pace with the respect when we do i respect a lotta will promote with because the either the ones that way to work with that to make sure that we have a great glacial around the world but this the did this effect is a given that an incredible lose to make sure that all the system is very active too much my what
spk_0: we're bringing into the into the battle and if it's really a water said these never say never but that went with this in mind i would say we are very happy with the promoter that work and without the very very little a loyal a reliable partners or which we gonna build up even stronger future to get
spk_37: that's great thank you
spk_38: thank you will take our final question for matthew herrick and with benchmark oh thank you
spk_37: clearly you have to go off in the us for for no one which is really going to help with would be a piano the same time you got a lot of do about geopolitical changes you know fuji going away the whack a mole zero zero coated china hopefully shanghai comes back you particularly with the desirability of getting more
spk_9: better times and be worth of if it really becomes even more fuel leak real pm would you be more inclined to look you bringing back for people like nurburgring and maybe even
spk_2: modi at your your yourself and some classic you know venue that kind of going more us and your person a lot of the experience in the taking place in asia the middle east and north of middle east you races are hugely successful know can stay around but your world is changing so much that like warm you want a winner but use how how complex your life off of everything going on in the world on geopolitics
spk_10: well what against him at it that that the for and and we proven to be the see it as flexible as possible also in the covert situation too much you made the fact that we want to have a great championship and our duties to make sure that we first double i work at the championship and we are there in that theme that either when part of the or either with or without some low in both developing that that to make sure that the take him out of it though become crucial for for one would be part of it and you correctly say that us as an incredible boom in the last that i would say to use and the duty to make sure that we can even maximize more the effect on that bad that we have a other out
spk_11: the world that needs to be developing need to be respected because of the tradition but television doesn't mean that the you know in fig is something either for granted tradition is a great they've always we got a build up a better future youtube has to stay for sure with a good bunch of number of races it you know what the lender they will stay the were talking about billion i'm mean
spk_39: the german landscape is for sure a very interested in basketball which it no matter will be the frontal lobe promote the we need to see what could be the action it needed that we can cover that in nicolette that i'm sure if you want to be specific than that there's something that could happen soon could be very important to be back on our on the calendar bout with the lead to
spk_40: forget that we are at you want to bed the in the police the world that because we sort i've been affected by code but there is a great potential to grow that we have to add the other edit with the war which is is africa or which we may develop business there so is a great moment for as to maximize the opportunities to do
spk_10: to see
spk_38: what would be the right at the right schedule a in the future of whole what we will not take the out of the equation that has to be today aiming at some places with a rotational principal people that will give a leverage to be multiple market so other said that is really hours to tell you think getting with regard to our future calendar
spk_41: an idea considering up at the time and been spilled the shouldn't have of new oh yeah i'm coming in the formula one and i know you can't be specific to the feels like you're a lot of positive things
spk_2: no pussy him in that direction or are you still having discussions with various people on on that
spk_11: well i can as you can imagine
spk_10: matthew we can be specific on that did the good news is that the are we can see what we read and and we know we're doing the you know working with all the manufacturer know if i make on that specific point weed without the it anything related to something that we can save the good incredible knew that to date for what is really show
spk_2: oh in the leadership in the technological landscape of the automotive business in the motor sport of course and i charges related to sustainable through in the future and i were stronger a that we want to prove to the world that the really serious in the local burden the carbon a deal with in two thousand thirty itself feed that the really gives us credibility and this is the reason why everyone not only the one that you read i really connected to have dogs you that
spk_0: for thank you
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