FWONK - Sequoia Fund - Liberty Media: Formula One Is An Impossible-To-Replicate Global Sports League

2024-03-23 05:30:00 ET

Summary

• Shares in Liberty Media, the holding company through which we own the Formula One motorsport league, returned 9.3% last year, trailing the Index.
• Our long-term return in Liberty Media will be determined to a significant extent by the health of Formula One, as both a sport and a spectacle.
• We remain excited about Formula One's prospects - it is an impossible-to-replicate global sports league that has the potential to be a much bigger business in the years to come.

The following segment was excerpted from this fund letter.

Formula One Group (FWONA)

Shares in Liberty Media, the holding company through which we own the Formula One motorsport league, returned 9.3% last year, trailing the Index. Financial results were very good. We expect revenues to be up over 25% and cash earnings per share to grow in the high teens. Ultimately, our long-term return in Liberty Media will be determined to a significant extent by the health of Formula One, as both a sport and a spectacle....

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