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☆ F1's fanbase is shifting — and the 'Netflix effect' is only part of that
▼ + stars: | 2024-04-30 | by ( Chris Hawes | ) www.cnbc.com time to read: +6 min

Carlos Sainz of Ferrari during second practice ahead of the Formula 1 Las Vegas Grand Prix at Las Vegas Strip Circuit in Las Vegas, United States on November 17, 2023. Proponents of the "Netflix effect" often point to a poll taken in 2022 which found 28% of American adults considered themselves to be F1 fans, with more than half crediting "Drive to Survive." If this were true it would mean there were an incredible 72 million F1 fans in the U.S. alone. This argument runs out of road slightly however, when you consider that only 2 million Americans tuned in to watch the 2023 Miami Grand Prix. Today, F1 fans are estimated to be around 40% female, up from just 8% in 2017, as well as significantly more culturally diverse.

Persons: Carlos Sainz, Ferrari, Jakub Porzycki, Nielsen, it's, Toni Cowan, Brown, Cowan, Zak Brown, McLaren, It's, Buzz Radar, TJ Adeshola, Aston Martin, McLaren Unboxed, Lando Norris, Oscar Piastri, Thaier Organizations: Las Vegas, Nurphoto, Netflix, ESPN, IndyCar, NASCAR, Prix, Miami Grand Prix, CNBC, North, Anp, Getty, YouTube, Liberty Media, Aston, Aston Martin Racing, Buzz, Formula, sudani Locations: Las Vegas, United States, U.S, North America, North American, Nevada, Aston Martin, Australia, Bahrain

☆ ‘Drive to Survive’ or Ride to Thrive? MotoGP looks to break out of F1’s shadow after $4.2 billion deal
▼ + stars: | 2024-04-17 | by ( Jonathan Hawkins | ) edition.cnn.com time to read: +9 min

One thing that MotoGP has in its favor is its frequently raucous unpredictability, a far cry from the sometimes-processional nature of F1. Reigning double world champion Pecco Bagnaia agreed. What that documentary series delivered in spades was human drama, making household names out of F1’s competitors and their teams. Mirco Lazzari gp/Getty ImagesThree-time MotoGP world champion Wayne Rainey now runs the MotoAmerica series, which nurtures US motorcycle track talent, as well as King of the Baggers. We need entertainment, and now Baggers are here at MotoGP, strictly to help build the crowd, build the excitement, and in the end it’s about entertainment.”Wayne Rainey is a three-time MotoGP world champion.

Persons: COTA, ” Carlos Ezpeleta, Pecco Bagnaia, “, ”, Dan Rossomondo, doesn’t, Rossomondo, ’, ’ ”, Marc Marquez, ” Marquez, Valentino, Rossi, Dani, Pedrosa, Jorge, Lorenzo, Casey, Stoner, Roland Sands, Jonathan Hawkins, Harley Davidson, Sands, “ You’ve, who’s, ” Sands, Viñales, ” Rossomondo, Lionel Messi, Valentino Rossi, Mirco Lazzari, Wayne Rainey, King, Wayne, Rainey, ” Wayne Rainey, Natalie Cardenas, Christopher, Silas, Jack, “ We’ve, Natalie, ” Christopher, Maverick Viñales, Pedro Acosta’s, Bastianini, you’ve, it’s Organizations: Texas CNN, Formula, Liberty Media, MotoGP, Liberty, CNN, One, Premier League, “, Sprint, CNN Sport, Ducati, Maverick, Aprilia, MotoGP’s Locations: Austin, Texas, Austin , Texas, Americas, California, America, Italian, States, Spain, COTA

☆ Buy the Atlanta Braves tracking stock since it will likely be bought by a billionaire, analyst says
▼ + stars: | 2024-04-02 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Analyst Barton Crockett hiked his price target on Atlanta Braves Holdings by more than 10% to $53 per share, saying in a note to clients Tuesday that the team could soon become a buyout target. "We assume that the Braves are likely to be taken private by a billionaire once properly tax-seasoned. Shares of Atlanta Braves Holdings closed at $38.79 per share on Monday, more than 36% below the Rosenblatt price target. BATRK YTD mountain The tracking stock for the Atlanta Braves has struggled in 2024. Atlanta Braves Holdings includes not only the baseball franchise but also some real estate development around the team's baseball stadium in suburban Atlanta.

Persons: Barton Crockett, John Malone, Crockett, Rosenblatt, Carlyle, David Rubenstein, Matt Ishbia Organizations: Rosenblatt Securities, Atlanta Braves Holdings, Liberty Media, Sirius XM, Braves, Sports, National League East, Baseball, Atlanta Braves, Carlyle Group, Baltimore Orioles, Phoenix Suns Locations: U.S, Atlanta

☆ Liberty Media CEO on $4.5B MotoGP deal: We want to show the world how exciting this sport is
▼ + stars: | 2024-04-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLiberty Media CEO on $4.5B MotoGP deal: We want to show the world how exciting this sport isGreg Maffei, Liberty Media president and CEO, joins 'Squawk on the Street' to discuss the playbook for MotoGP, the price Liberty Media paid for the racing company, and if this is transaction will be accretive to shareholders.

Persons: Greg Maffei Organizations: Liberty Media, MotoGP

☆ How Overtime is turning high school sports leagues into a $100 million business
▼ + stars: | 2024-02-27 | by ( Lucia Moses | Ashley Rodriguez | ) www.businessinsider.com time to read: +6 min

This year, Overtime is on track to make $100 million based on deals that are locked in, a 30% year-over-year increase. Amazon pays Overtime to stream its Overtime Elite basketball league, which pays its teen players upwards of $100,000 annually plus bonuses. Advertisement"We have three-year sponsorship deals with major brands," Porter said, referring to Overtime's league deals. For example, GMC and C4 Energy drink pay Overtime to sponsor its Overtime Elite practice courts and Overtime Boxing ring, respectively. Its young audience also poses some limitations.

Persons: —, Dan Porter, CRO Rich Calacci, Porter, it's, that's, Megan Marks, Zack Weiner, It's, Breanna Stewart who's Organizations: Service, GMC, State, Adidas, Amazon Prime, Elite, Business, NBA, C4 Energy, Dentsu Media, millennials, NFL, Endeavor, Liberty Media Corp, Netflix Locations: America

☆ Avoid these overcrowded trades by hedge funds as the rally powers on, according to Morgan Stanley
▼ + stars: | 2024-02-23 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

As the rally continues, it's wise to avoid overcrowded trades among hedge funds as herd mentality often leads to trouble in the stock market, according to Morgan Stanley. Investors in overcrowded trades could run the risk of getting caught in a losing bet when hedge funds, especially systematic traders, form a herd-like stampede to exit the same trades. Morgan Stanley found that hedge funds were most overweight in the consumer discretionary, industrials, and health-care sectors last quarter. Even though they have been extremely popular, these stocks tend to have outsized share counts that make hedge funds' ownership less significant. Avis Budget Group was the most over-owned stock by hedge funds at the end of 2023 with half of its outstanding float shares owned by the cohort, according to Morgan Stanley.

Persons: Morgan Stanley, Russell, Howard Hughes, Janus Henderson, — CNBC's Michael Bloom Organizations: Avis Budget Group, Liberty Media, Liberty Media , New York Times Locations: Wendy's, Liberty Media ,

☆ Berkshire Hathaway once again keeps new stock purchase secret, trims giant Apple stake
▼ + stars: | 2024-02-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway asked regulators to keep its new stock purchase secret for a second quarter in a row, while the conglomerate trimmed its massive Apple stake slightly in the fourth quarter, according to a new regulatory filing. Berkshire requested that the Securities and Exchange Commission keep the details of one or more of its stock holdings confidential. Many speculated that the secret purchase could be a bank stock as the 10Q filing for the third quarter suggested that Berkshire had purchased "banks, insurance, and finance" stocks for $1.2 billion. Apple, Chevron The Omaha-based conglomerate sold about 10 million Apple shares last quarter, the filing showed. HP, Paramount Berkshire significantly reduced its stake in Paramount , holding about 63.3 million shares at the end of December, or 32% fewer shares than the number in the previous quarter.

Persons: Warren, Berkshire Hathaway, Buffett's, Buffett, homebuilder D.R.Horton, Ted Weschler, Todd Combs Organizations: Berkshire, Securities and Exchange Commission, Chevron, Verizon, Apple, HP, Paramount, Paramount Global, Liberty, Occidental Petroleum Locations: Berkshire, Chevron The Omaha, Paramount Berkshire, New York, Houston

☆ Sundheim's D1 hedge fund shook up its tech exposure, including selling the hottest stock right now
▼ + stars: | 2024-02-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Daniel Sundheim's D1 Capital made a handful of notable changes to its technology holdings in the fourth quarter, including closing out a position in a key artificial intelligence play. Sundheim also zeroed out his stake in software stock Salesforce , while trimming Microsoft and Facebook parent Meta by more than 60% and 20%, respectively. The role of large-cap tech stocks in driving up the market was so apparent that a group was dubbed the "Magnificent 7" for its outsized gains. Outside of big tech, Sundheim added to Mastercard and Philip Morris stakes. On the flip side, he dissolved stakes in a number of well-known stocks including Hilton , Las Vegas Sands , Liberty Media and Yum Brands .

Persons: Daniel Sundheim's, Sundheim, Philip Morris Organizations: Nvidia, Facebook, Meta, Viking Global, Mastercard, WWE, UFC, Lexeo Therapeutics, Hilton, Liberty Media, Yum Brands, Rivian, Electric Locations: Amazon, Vegas Sands

Formula One's invitation to Andretti Cadillac for an in-person meeting about its application to join the motorsports series was sent via email and landed in a spam folder, which is why Michael Andretti and General Motors representatives never answered the request. The junk email revelation came Friday as Andretti Global sought to clarify two points in the sharply critical document F1 released earlier this week in rejecting the Andretti Cadillac application. An in-person meeting to discuss commercial matters would be and remains of paramount importance to Andretti Cadillac,” the team said. “Andretti Cadillac has been operating with 2026 as the year of entry for many months now," the team said. He then petitioned F1 to expand the grid for what Andretti claims will be a true American team in the series.

Persons: Andretti, Michael Andretti, Stefano Domenicali, “, “ Andretti, Andretti Cadillac, ”, Mario Andretti, Michael rank, Michael Andretti's, Gene Haas, Haas, Colton Herta, Logan Sargeant, Williams Organizations: Andretti Cadillac, General Motors, Andretti Global, Andretti, Formula One Management, FIA, American, Liberty Media Corp, GM, Cadillac, Sauber Locations: American, California

☆ Warren Buffett's Berkshire Hathaway keeps buying Liberty's SiriusXM tracking shares. Here's why
▼ + stars: | 2024-01-28 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Berkshire Hathaway continued to buy Liberty Media's tracking stock for New York-based satellite radio company SiriusXM in a likely merger arbitrage play. Billionaire John Malone's media conglomerate currently owns 84% of Sirius XM and has two tracking stocks that represent that stake in the streaming satellite music service — Liberty Media Corp. Series A shares, or LSXMA , and Liberty Media Corp. Series C shares, or LSXMK . Under the terms of the deal, expected to close early in the third quarter, each Liberty Media Sirius tracking share will be exchanged for 8.4 "new" SIRI shares, while "old" SIRI shareholders would receive new shares in a one-for-one exchange. Berkshire loading up In the past week, Warren Buffett's conglomerate added 438,945 shares of LSXMA and 1 million shares of LSXMK for nearly $45 million combined, according to regulatory filings . Berkshire first bought LSXMK in 2016 and now owns almost 22% of the tracking stock, according to FactSet.

Persons: Berkshire Hathaway, John, SIRI, Warren, Buffett, Ted Weschler, Todd Combs, Seth Klarman's Baupost, SIRI overvalued, Wells, Steven Cahall, Cahall, Jason Bazinet, Charlie Munger, Charlie, hasn't Organizations: Berkshire, Liberty, Sirius XM, — Liberty Media Corp, Liberty Media Corp, Nasdaq, Liberty Media, Liberty Media Sirius, Sirius XM Holdings, Sirius, Citigroup, Activision Blizzard, British Columbia Power, Monsanto, Bayer AG, IBM Locations: New York, Berkshire, LSXMA, LSXMK, Omaha

☆ Here are Tuesday's biggest analyst calls: Apple, Nvidia, Coinbase, Tesla, Meta, Exxon, Microsoft & more
▼ + stars: | 2024-01-23 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Tuesday's biggest calls on Wall Street: Cantor Fitzgerald initiates Nvidia as buy Cantor said in its initiation of Nvidia that the stock is a top pick at the firm. Bank of America adds Apple to the US1 list Bank of America added the stock to its top picks list. TD Cowen upgrades Exxon to outperform from market perform TD says shares of Exxon are "compelling." Oppenheimer initiates Flywire as outperform Oppenheimer initiated the payments company with an outperform rating and said Flywire is a growth stock. Guggenheim reiterates Tesla as sell Guggenheim says it's sticking with its sell rating on Tesla heading into earnings on Wednesday.

Persons: Cantor Fitzgerald, Cantor, it's, TD Cowen, Wells, Jefferies, Enphase, Goldman Sachs, Goldman, JMP, SIRI, Oppenheimer, Flywire, JPM, Philip Morris, Morgan Stanley, Evercore, Guggenheim, Tesla, Roth, Boston Beer, Stephens Organizations: Nvidia, Citi, Meta, Bank of America, Apple, Apple Inc, Chevron, Exxon, ENPH, JPMorgan, NRG Energy, Liberty, Liberty Media, Brands, UBS, Duke Energy, AEP, Guggenheim, Boston Beer, Boston Locations: North Carolina, underperform, OW

☆ Art of the Trade: Value investor Bill Nygren details his best trade ever
▼ + stars: | 2024-01-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailArt of the Trade: Value investor Bill Nygren details his best trade everWidely followed value investor Bill Nygren, portfolio manager at Oakmark Funds for 40 years, said the best trade of his career was when he made 80 times his money buying Liberty Media in the early 90s. Nygren took advantage of a period of time when Liberty Media went through a number of structural changes.

Persons: Nygren, Bill Nygren Organizations: Oakmark Funds, Liberty Media

☆ Art of the trade: How top value investor Bill Nygren made 80 times his money buying a media company
▼ + stars: | 2024-01-15 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Widely followed value investor Bill Nygren, portfolio manager at Oakmark Funds for 40 years, said the best trade of his career was when he made 80 times his money buying Liberty Media in the early 90s. Nygren took advantage of a period of time when Liberty Media went through a number of structural changes. "Most investors looked at this spinoff of Liberty Media, kind of a hodgepodge of investments, mostly which they didn't have control over." One of the biggest challenges of the trade was that there wasn't one traditional metric that Nygren could use to value the whole company. "Each asset had a different metric that we thought was most representative of what value really was for that type of company," Nygren said.

Persons: Bill Nygren, Nygren Organizations: Oakmark Funds, Liberty Media, Tele, Communications, EV, Liberty

☆ 2024 is shaping up to be the year of the streaming bundle
▼ + stars: | 2023-12-26 | by ( Drew Richardson | ) www.cnbc.com time to read: +2 min

The atmosphere at the Disney Bundle Celebrating National Streaming Day at The Row in Los Angeles on May 19, 2022. Still, the age of the cable bundle is giving way to the era of a new kind of bundle that could give both streamers and cable providers a path forward. Media executives told CNBC this month that 2024 could finally be the year that media companies get serious about the bundle. Discovery, earlier this year predicted more integration of streaming services into cable bundles. Despite the demand for a streaming bundle, top players have historically been apprehensive to make such a deal.

Persons: Tim Nollen, Chris Winfrey, Nollen, John Malone, who's, Bob Bakish, David Zaslav Organizations: Disney, Netflix, Media, CNBC, Macquarie, Charter Communications, National Football League, ESPN, Charter's, Liberty Media, Warner Bros, Paramount, Discovery, Companies Locations: Los Angeles

Warner Bros. Discovery and rival Paramount Global are in early merger talks, sources familiar with the matter told CNBC. Warner Bros. Warner Bros. Warner Bros.

Persons: David Zaslav, Bob Bakish, Shari Redstone, David Ellison's Skydance, Gerry Cardinale's, Liberty Media's John Malone, Joe Biden's, There's, Axios, — CNBC's Drew Richardson Organizations: Warner Bros . Discovery, Paramount Global, CNBC, Warner Bros, Discovery, Paramount, Redstone, Amusements, CBS, Warner Media, Netflix, Liberty, Media, Morris Trust, Comcast, CNBC PRO

☆ With Washington Capitals, Wizards move to Virginia, owner Ted Leonsis pursues his vision of a $10 billion sports empire around Washington, D.C.
▼ + stars: | 2023-12-14 | by ( Ian Thomas | ) www.cnbc.com time to read: +8 min

Glenn Youngkin (L) looks on during the announcement of a new sports arena for the Washington Wizards NBA basketball team and Washington Capitals NHL hockey team, on December 13, 2023 Virginia. Win Mcnamee | Getty Images News | Getty ImagesTed Leonsis, the owner of the NBA's Washington Wizards and the NHL's Washington Capitals, has a grand vision for growing a regional sports empire. Glenn Youngkin announced that the Capitals and Wizards have agreed to move to a new arena in Alexandria, Virginia, as part of a $2 billion entertainment complex in 2028. How will they compete with big market teams? "We could have a billion-and-a-half-dollar revenue run rate and a $10 billion to $15 billion trend of valuation," Leonsis said.

Persons: Ted Leonsis, Glenn Youngkin, Win Mcnamee, Leonsis, we'll, aren't, I'm, it's, It's, David Rubenstein, David Blitzer, Blackstone, James Dolan, Stan Kroenke, Kroenke, I've Organizations: Monumental Sports, Entertainment, Virginia Gov, Washington Wizards NBA, Washington Capitals NHL, Getty, Washington Wizards, NHL's Washington Capitals, CNBC, Summit, Washington , D.C, AOL, Capitals, Wizards, Washington Mystics, Capital, D.C, Sports, Mystics, NHL, Baltimore Orioles, Washington Nationals, MLB, Carlyle Group, Bloomberg, Orioles, Red Sox, Fenway Sports Group, Boston Red Sox, Pittsburgh Penguins, Premier League's Liverpool, Philadelphia 76ers, New, New Jersey Devils, Washington, Cleveland Guardians, MSG, Sphere Entertainment, Madison Square Garden Entertainment, New York Knicks, Rangers, MSG Networks, Atlanta Braves Holdings, Liberty Media, Sports & Entertainment, Nuggets, Avalanche, Los Angeles Rams, Premier League's Arsenal FC, Qatar Investment Authority, MSG Sports, NHL's Rangers, NBA's Knicks, Phoenix Suns, NBA, Ottawa Senators, Braves Locations: Virginia, Alexandria , Virginia, Washington ,, Washington, London, Richmond, Delaware, New Jersey, Real Salt Lake, Denver, MLS's Rapids, Colorado, Monumental

☆ Media stocks jump after report says Apple, Paramount are discussing streaming bundle
▼ + stars: | 2023-12-01 | by ( Drew Richardson | ) www.cnbc.com time to read: +2 min

Media stocks jumped on Friday following a Wall Street Journal report that Apple and Paramount Global are in early-stage talks to offer a bundle of the two company's streaming platforms. The companies have talked about bundling Apple TV+ and Paramount+ in an offering that would cost less than subscribing to the two separately, The Wall Street Journal reported Friday. Paramount+ and Apple TV+ could be an ideal match for a bundle given their differing content strategies. Apple TV+ is known to offer a robust library of exclusive and prestige content, while Paramount+ boasts a larger back-catalog of recognizable TV shows and movies. An Apple partnership could be a strong opportunity to help Paramount pivot in the rapidly changing media environment.

Persons: Max, John Malone, Shari Redstone Organizations: Journal, Apple, Paramount Global, Paramount, Street, Warner Bros, Netflix, Verizon, Liberty Media, Discovery, Disney, ESPN, Charter, CNBC

☆ These are Wall Street’s favorite Warren Buffett stocks
▼ + stars: | 2023-11-26 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Berkshire Hathaway's stock portfolio is stuffed with companies that are also beloved by Wall Street analysts. E-commerce giant Amazon is the most recommended stock in the pool of candidates, with roughly 84% of analysts rating it a buy. Snowflake stock has climbed 18% so far in 2023, almost matching the S & P 500 return. SNOW YTD mountain Snowflake stock. Other stocks in the Berkshire portfolio that Wall Street also favors are Sirius parent Liberty Media and the country's second-largest oil major Chevron .

Persons: Warren Buffett, Warren, Tyler Radke, Michael Bloom Organizations: Wall Street, Berkshire Hathaway, Buffett, CNBC Pro, CNBC Berkshire Hathaway, Citigroup, Sirius, Liberty Media Locations: Berkshire, Chevron

“Viva Las Vegas! Viva Las Vegas!” sang the three-time reigning world champion as he crossed the checkered flag waved by Justin Bieber. Verstappen had slammed the race at every chance, yet raced in an Elvis-inspired fire-suit and took the victory on the famed Las Vegas Strip. A class-action lawsuit was filed Friday against the Las Vegas Grand Prix. Verstappen, Leclerc and Perez were then driven in a limousine to the victory podium.

Persons: — Max Verstappen, Charles Leclerc, ”, Justin Bieber, Verstappen, Verstappen —, impersonators, Jacques Villeneuve, Liberty, Carlos Sainz Jr, Leclerc, Sainz, Ferrari, Bull, Sergio Perez, Perez, Red Bull, “, Leclerc moaned, Lewis Hamilton, ” Verstappen, Mercedes, Abu Dhabi, Lando Norris, McLaren, ___ Organizations: LAS VEGAS, Las Vegas, Liberty Media, Liberty, Ferrari Locations: Vegas, United States, Abu

“I think we could have done a much better job communicating, particularly with all the local residents," Wilm told AP. The upside to the community is that F1 and Liberty used part of their funds to fully repave the Strip and circuit used — better roads for everyone once F1 is gone! “We’re very happy to be able to use our event to help support community benefits.”Now, what about the ticket pricing? She wouldn't commit specifically to F1 and Liberty making changes to the pricing structure. “I don't think we could have done the Las Vegas Grand Prix, this type of spectacle, anywhere else in the world,” Wilm said.

Persons: Renee Wilm, Wilm, Liberty, “, wouldn't, ”, ” Wilm, Max Verstappen Organizations: Associated Press, Liberty Media, Liberty, Saturday, Las, United, Las Vegas Locations: Las Vegas, Nevada, United States, East Coast

☆ F1 exceeds Las Vegas expectations as Verstappen wins one of the most competitive races of the season
▼ + stars: | 2023-11-19 | by ( ) www.cnbc.com time to read: +6 min

Red Bull driver Max Verstappen, of the Netherlands, drives past the Sphere during the Formula One Las Vegas Grand Prix auto race, Saturday, Nov. 18, 2023, in Las Vegas. Max Verstappen hated everything about the Las Vegas Grand Prix from the moment he arrived in Sin City. "Viva Las Vegas! Viva Las Vegas!" Verstappen had slammed Saturday night's spectacle at every chance, yet raced in an Elvis-inspired firesuit and took the victory on the famed Las Vegas Strip.

Persons: Red, Max Verstappen, Justin Bieber, Verstappen, firesuit, Charles Leclerc, Leclerc, Sergio Perez, Martin Garrix, Brad Pitt, Rihanna, Usain Bolt, Shaquille O'Neal, ", Verstappen —, impersonators, Jacques Villeneuve, Liberty, Carlos Sainz Jr, Lewis Hamilton, Mercedes, Logan Sargeant, Williams, Sainz, Ferrari, Bull, Perez, Red Bull, Hamilton, Abu Dhabi, Lando Norris, McLaren Organizations: Las, Las Vegas, Bellagio, Liberty Media, Liberty, Ferrari Locations: Netherlands, Las Vegas, Sin City, Vegas, Bellagio, United States, Abu

LAS VEGAS (AP) — Ferrari rebounded from a disastrous first day of the Las Vegas Grand Prix with a Charles Leclerc and Carlos Sainz Jr. sweep of Friday night qualifying. After the qualifying run, Sainz was struggling to balance the showmanship of F1's first visit to Las Vegas in 41 years and the damage to the sporting element of the biggest spectacle on the series' 22-race calendar. F1 and owner Liberty Media have spent $500 million on the race that uses the Strip and incorporates several Las Vegas landmarks. “But I see the race as a very good opportunity for F1 and I think F1, it's a good thing that's in Las Vegas and I am enjoying coming to Las Vegas. He's been critical of the event since before he even arrived because he believes F1 has put too much emphasis on the entertainment value of the Las Vegas race.

Persons: — Ferrari, Charles Leclerc, Carlos Sainz Jr, Sainz, Ferrari, ”, ” Leclerc, Max Verstappen, “, Red Bull, He's, ” Verstappen, Carlos, ” George Russell, Pierre Gasly, Williams, Alex Albon, Logan Sargeant, Sargeant . Sargeant, We’ve, ” Lewis Hamilton, Sergio Perez, McLaren, Lando Norris, Oscar Piastri, ___ Organizations: LAS VEGAS, Las Vegas, Ferrari, FIA, Liberty Media, ”, Red, Las, League, National League, Mercedes, American Locations: Las Vegas, United States, Vegas, Alpine, Florida

☆ Las Vegas GP hit with lawsuit after practice cancelled
▼ + stars: | 2023-11-18 | by ( Steve Keating | ) www.reuters.com time to read: +2 min

Formula One F1 - Las Vegas Grand Prix - Las Vegas Strip Circuit, Las Vegas, Nevada, U.S - November 18, 2023 General view of the Sphere during qualifying REUTERS/Mike Blake Acquire Licensing RightsLAS VEGAS, Nov 18 (Reuters) - The troubled Las Vegas Formula One Grand Prix has been hit with a class action lawsuit on behalf of the 35,000 people who bought tickets for Thursday’s practice session which was cancelled when Carlos Sainz's Ferrari was damaged by a loose drain cover. The highly-anticipated first action on the neon-lit circuit, which includes a section along the famed Las Vegas Strip, lasted a little over eight minutes before coming to a halt. Las Vegas Grand Prix officials attempted damage control, offering $200 merchandise vouchers to single-day ticket holders. The lawsuit named Formula One owners and race promoters Liberty Media Corporation, DBA Formula One Heineken Silver Las Vegas Grand Prix and TAB Contractors Inc as defendants. Reporting by Steve Keating in Las Vegas, Editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Carlos Sainz's Ferrari, Steve Dimopoulos, Renee Wilm, Stefano Domenicali, Steve Keating, Ed Osmond Organizations: Las Vegas, Las Vegas Strip, REUTERS, LAS VEGAS, Vegas Grand Prix, Firm, JK, Consulting, Formula, Las, Liberty Media Corporation, Heineken, Contractors Inc, Reuters, Thomson Locations: Las Vegas , Nevada, U.S, Dimopoulos, Nevada, Las Vegas

☆ Motor racing's Las Vegas Grand Prix hit with lawsuit after practice cancelled
▼ + stars: | 2023-11-18 | by ( ) www.cnbc.com time to read: +2 min

Mercedes' British driver George Russell races during the first practice session for the Las Vegas Formula One Grand Prix on November 16, 2023, in Las Vegas, Nevada. The troubled Las Vegas Formula One Grand Prix has been hit with a class action lawsuit after the race's first practice session was canceled when Carlos Sainz's Ferrari was badly damaged by a loose drain cover. The highly-anticipated first action on the neon-lit circuit, which includes a section along the famed Las Vegas Strip, lasted a little over eight minutes on Thursday before coming to a halt. Las Vegas Grand Prix officials attempted damage control, offering $200 merchandise vouchers to single-day ticket holders. The lawsuit named Formula owners and race promoters Liberty Media Corporation, DBA Formula One Heineken Silver Las Vegas Grand Prix and TAB Contractors as defendants.

Persons: Mercedes, George Russell, Carlos Sainz's Ferrari, Steve Dimopoulos, Renee Wilm, Stefano Domenicali Organizations: Las Vegas, Vegas Grand Prix, Firm, JK, Consulting, Formula, Las, Liberty Media Corporation, Heineken, TAB Contractors, Reuters Locations: British, Las Vegas , Nevada, Dimopoulos, Nevada

☆ CNBC Special Podcast: Inside Track - The Business of Formula 1
▼ + stars: | 2023-11-17 | by ( ) www.cnbc.com time to read: +1 min

High speed, high tech and filled with high-flyers – Formula 1 is the world's most elite motorsports league, and in recent years has experienced rapid growth in attendance, viewership and market value. CNBC Documentaries goes inside the business to find out what is fueling its popularity and who is profiting. Eisen travels to some of Formula 1′s most iconic races, explores the strategy behind its expansion in the U.S., and examines the role of brand-name sponsors, including the Haas team's title partner MoneyGram. She also looks at what's in store for the sport's future – including a new racing league for female drivers called F1 Academy, and the inaugural Las Vegas Grand Prix to be held in November 2023. It's F1′s most ambitious race yet, where the Las Vegas Strip will become an F1 track for the first time… and where some of the city's biggest hotel casinos are rolling out million-dollar packages for the most elite of fans.

Persons: Sara Eisen, Toto Wolff, Mercedes, Christian Horner of Red Bull, Guenther Steiner, Haas, Eisen, MoneyGram Organizations: CNBC, Liberty Media, F1 Academy, Las Vegas, Las Locations: U.S

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