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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
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
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
LAS VEGAS (AP) — Formula One is hoping to turn its luck around on the Strip, like so many other Las Vegas visitors who blow a big bankroll soon after they arrive. F1 ran a 90-minute session until 4 a.m. — when the streets had to be returned to the city for morning commuter traffic. A penalty because he ran over a drainage cover on the Las Vegas Strip, something completely out of his control and extremely dangerous considering it penetrated his seat? Because governing body FIA has no mechanism not to penalize a team that makes extensive car changes during a race weekend, Sainz has, of course, been penalized. Las Vegas is the most expensive race to attend to on the 24-event schedule.
Persons: Carlos Sainz Jr, Ferrari — Sainz, Stefano Domenicali, Renee Wilm, , , let’s, ” It's, Sainz, Ferrari, Charles Leclerc, Max Verstappen, Mercedes, Toto Wolff, Williams, James Vowles, Fred Vasseur, I’m, ” Wolff, ___ Organizations: LAS VEGAS, Liberty Media, Las Vegas, Saturday, Las, FIA, F1, Locals, Liberty, Netflix Locations: Sin City, United States, Vegas, Europe, Las Vegas
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
LAS VEGAS (AP) — At the inaugural Formula One Las Vegas Grand Prix, music and entertainment have taken a dominant role. (The luxury club and casino is a founding partner in the Las Vegas Grand Prix.) Travis Scott performed at Zouk Nightclub located in Resorts World Las Vegas, another partner of this particular race. For the inaugural Vegas race weekend, the Grand Prix hosted an Opening Ceremony — not too dissimilar from the star-studded event that launch the Miami race in 2022. Just like music.”For the EDM DJ and Las Vegas resident Steve Aoki, the F1 Opening Ceremony is indicative of Vegas' growing appeal.
Persons: J Balvin, He'd, Usher, , he'll, will.i.am, , Jack Harlow, Travis Scott, Jared Leto, Shannon Leto, Keith Urban, Andra Day, Kylie, ” Bishop Briggs, Steve Aoki, John Legend, , ” Keith Urban, Day, Mercedes Driver, Lewis Hamilton, Michael Jackson's Organizations: LAS VEGAS, , One Las, Prix, Las Vegas, Associated Press, Cosmopolitan, Liberty Media, Wynn, Vegas, Formula, Miami, Paddock Club, AP, Las Locations: Sin City, Las Vegas, Vegas, Las, Bahrain
Toto Wolff On Leading The Mercedes-AMG PETRONAS F1 Team
  + stars: | 2023-11-17 | 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 EmailToto Wolff On Leading The Mercedes-AMG PETRONAS F1 TeamFor over a decade, Formula 1's Mercedes-AMG PETRONAS F1 Team has set the engineering and the competitive standards for the sport. Team Principal and CEO, Toto Wolff, led the team to consecutive championship wins from 2014 to 2021. Wolff has navigated his team to wins through a massive league acquisition by Liberty Media, new teams joining the league, a growing fanbase, and a U.S. expansion with races in Miami and Las Vegas.
Persons: Toto Wolff, Wolff Organizations: PETRONAS, Team, Liberty Media, Las Locations: U.S, Miami, Las Vegas
Stock Chart Icon Stock chart icon SolarEdge's year-to-date stock performance. Stock Chart Icon Stock chart icon Arbor Realty's year-to-date stock performance. Stock Chart Icon Stock chart icon Liberty Media's year-to-date stock performance. Stock Chart Icon Stock chart icon Square-parent Block's year-to-date stock performance. Stock Chart Icon Stock chart icon Becton Dickinson's year-to-date stock performance.
Persons: Archer Aviation's, I've, Arbor, We're, Philip Morris International's, Philip Morris, Becton, Becton Dickinson Organizations: Archer Aviation, SolarEdge Technologies, Arbor Realty Trust, Liberty, Philip Morris International
That's how the heads of Formula 1 racing see it, crediting a league-wide budget cap with making the team businesses more sustainable and boosting valuations. "When we got involved, literally, the bottom teams were being traded for zero. The budget cap — set at $135 million per team in 2023 — limits how much teams can spend on developing and building their race cars. Before it was introduced in 2021, the top teams in the league could spend multiples of that in a given year. It's a model similar to U.S. sports leagues, several of which limit what teams can spend on player salaries (though F1 driver salaries are excluded) — and it's the work of F1-owner Liberty Media, which bought the league in 2017.
Persons: Greg Maffei, CNBC's Sara Eisen, It's, Maffei Organizations: Liberty Media Locations: U.S
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: I like Mastercard and Visa over Block, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stock including: Archer Aviation, Phillip Morris, Block, Solaredge, Liberty Media and more.
Persons: Jim Cramer, Phillip Morris Organizations: Mastercard, Visa, Archer Aviation, Liberty Media
Berkshire Hathaway logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 10, 2023. Berkshire also appeared to have shed what had been a $621 million stake in Celanese (CE.N) , a specialty materials company. The Braves had been split off from Liberty Media , another Berkshire investment, in July. The net sales contributed to Berkshire's record cash stake, which is about the same size as its $156.8 billion stake in iPhone maker Apple (AAPL.O). Neither appears to be a current Berkshire investment.
Persons: Brendan McDermid, Berkshire Hathaway, Johnson, Warren Buffett, Todd Combs, Ted Weschler, Buffett, Benjamin Moore, Jonathan Stempel, Christian Schmollinger Organizations: Berkshire Hathaway, New York Stock Exchange, REUTERS, Berkshire, General Motors, Procter, Gamble, GM, Atlanta Braves Holdings, Major League Baseball, The Battery, Braves, Liberty Media, Chevron, Apple, U.S . Securities, Exchange Commission, IBM, Exxon Mobil, Activision, Microsoft, Globe, Markel, BNSF, Thomson Locations: Berkshire, New York City, U.S, Celanese, Omaha , Nebraska, New York, Lincoln
Berkshire Hathaway logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 10, 2023. Berkshire also appeared to have shed what had been a $621 million stake in Celanese (CE.N) , a specialty materials company. The Braves had been split off from Liberty Media , another Berkshire investment, in July. The net sales contributed to Berkshire's record cash stake, which is about the same size as its $156.8 billion stake in iPhone maker Apple (AAPL.O). Neither appears to be a current Berkshire investment.
Persons: Brendan McDermid, Berkshire Hathaway, Warren Buffett, Todd Combs, Ted Weschler, Buffett, Benjamin Moore, Jonathan Stempel, Christian Schmollinger Organizations: Berkshire Hathaway, New York Stock Exchange, REUTERS, Berkshire, General Motors, Procter, Gamble, GM, Amazon, Atlanta Braves Holdings, Major League Baseball, The Battery, Braves, Liberty Media, Chevron, Apple, U.S . Securities, Exchange Commission, IBM, Exxon Mobil, Activision, Microsoft, Globe, Markel, BNSF, Thomson Locations: Berkshire, New York City, U.S, Celanese, Omaha , Nebraska, New York, Lincoln
Wynn resort is offering the first-ever Las Vegas Grand Prix Million Dollar All-Access Experience that includes a $100,000 philanthropic gift. "However, the brand synergies with the inaugural Las Vegas Grand Prix are unmatched." Formula One has long been a magnet for the celebrity class and Las Vegas is sure to be an irresistible pull. Las Vegas may be the gambling capital of the world but there will be little bet on F1. "I would say this is due to lack of parity," Derek Stevens, owner of Circa and several other Las Vegas casinos told Reuters.
Persons: Max Verstappen, Greg Maffei, Red Bull, Aston Martin, Hilton, Red, it’s, Rebecca McAdam Willetts, Mark Wang, David Beckham, Shaquille O’Neal, Mark Wahlberg, Gordon Ramsay, Toto Wolff, Derek Stevens, Steve Keating, Toby Davis Organizations: LAS VEGAS, Las Vegas, Liberty Media, Formula One, Vegas, Ferrari, Mercedes, McLaren, Red Bull, PokerStars, Public Relations, Reuters, Poker, New York Stock Exchange, American Express, Heineken, Hilton, MGM Resorts International, Fountain Club, Hilton Grand, Club SI, Drai's Beach Club, Thomson Locations: Vegas, United States, Sin City, VVIPs, Las Vegas, Monaco, Drai's, Toronto
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLiberty Media CEO on Formula 1: We made a large investment because we believe in the sportGreg Maffei, Liberty Media president and CEO, joins 'Squawk on the Street' to discuss whether or not Liberty Media's investment in Formula 1 will pay off, the importance of the Las Vegas Grand Prix on Formula 1's growth in the U.S., and more.
Persons: Greg Maffei Organizations: Liberty Media, Liberty, Las Vegas Locations: U.S
F1 on the right track in Vegas after parking lot past
  + stars: | 2023-11-14 | by ( Alan Baldwin | ) www.reuters.com   time to read: +4 min
"The only problem last time was we couldn’t run on the Strip, which is what I wanted to do," he said. "I wanted to make sure when somebody turned their television on they knew they were in Vegas, not in the desert. But it never happened because the people in Vegas, all the hotels, couldn’t see that it was going to be any good for them. "F1 didn’t take to Vegas, it was mutual," recalled journalist Nigel Roebuck 30 years later in MotorSport magazine. "A night race down the Strip that’s going to be iconic ... that’s going to be on every piece of television imaginable."
Persons: Jose Carlos Pace, Bernie Ecclestone, Amanda Perobelli, Max Verstappen, Ecclestone, we’d, I’m, They’ve, Nigel Roebuck, Roebuck, Alan Jones, Maurice Hamilton, Greg Maffei, Alan Baldwin, Chris Reese Organizations: Prix, Jose Carlos Pace Circuit, Formula, One, Briton, Caesars Palace, Formula One, MotorSport, Netflix, Liberty Media, Thomson Locations: Sao Paulo, Brazil, Las Vegas, Vegas, United States, Miami, Americas, Austin, America, U.S, London
CNBC's Jim Cramer spoke with CNBC's Sara Eisen about her upcoming documentary detailing the business of Formula 1 racing. The documentary will see Eisen exploring F1's expansion strategy, especially changes to the business since it was purchase by Liberty Media several years ago. Eisen said Liberty used new strategies to transform the enterprise from a "sleepy motor sport" into a more mainstream fast-growing sport. Eisen also examined how F1 teams have become more profitable, attracting high-profile sponsors like Salesforce , Amazon Web Services and Heineken . Some tech sponsors, like Palantir , work with teams to advance the technology and engineering behind the cars, Eisen said.
Persons: CNBC's Jim Cramer, CNBC's Sara Eisen, Eisen Organizations: Liberty Media, Liberty, Amazon Web Services, Heineken
Will F1 Entertain Expansion?
  + stars: | 2023-11-13 | 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 EmailWill F1 Entertain Expansion? CNBC's Sara Eisen talks to Liberty Media President & CEO Greg Maffei, MoneyGram Haas Team Principal Guenther Steiner and Mercedes-AMG PETRONAS Team Principal Toto Wolff about their thoughts on expansion in F1. "Inside Track: The Business of Formula 1," premieres Thursday at 8pm ET/PT on CNBC.
Persons: Sara Eisen, Greg Maffei, MoneyGram, Guenther Steiner, Toto Wolff Organizations: Liberty Media, Mercedes, CNBC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Liberty Media's John Malone on interest rates and industry outlookLiberty Media Chairman John Malone sits down with CNBC's David Faber to discuss his outlook on the media industry,
Persons: Liberty Media's John Malone, John Malone, CNBC's David Faber Organizations: Liberty, Liberty Media
In this article WBDPARA Follow your favorite stocks CREATE FREE ACCOUNTDavid Zaslav, CEO and president of Warner Bros. Media company valuations have been plummeting amid streaming video losses, traditional TV subscriber defections, and a down advertising market. Warner Bros. Warner Bros. Warner Bros.
Persons: David Zaslav, John Malone, Malone, David Faber, Zaslav, Faber, Bob Bakish, Simon & Schuster, Shari Redstone, David A, Peacock, Brian, Roberts, Puck's Dylan Byers, Warner Organizations: Warner Bros ., Liberty Media, Liberty Global, Qurate Retail Group, CNBC, Reuters Warner Bros, Media, Warner Bros, Discovery, Sirius XM, Sirius, Paramount Global, Paramount, Viacom, CBS, Allen, Co . Media, Technology Conference, Grogan, CNBC Paramount Global, Comcast, U.S, NBC Locations: U.S, Sun Valley , Idaho
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLiberty Media's John Malone on interest rates, media outlook and the streaming landscapeLiberty Media Chairman John Malone joins 'Squawk on the Street' to discuss where investors should take advantage of opportunities, the distress surrounding Altice, and more.
Persons: Liberty Media's John Malone, John Malone Organizations: Liberty, Liberty Media
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLiberty Media CEO Greg Maffei on Formula 1, Atlanta Braves and media outlookLiberty Media CEO Greg Maffei joins 'Squawk on the Street' to discuss the company's investor day, the company's ownership stake in Formula 1, Atlanta Braves, media outlook, and more.
Persons: Greg Maffei Organizations: Liberty Media, Formula, Atlanta Braves
"It could certainly happen if one was focused on one type of demographic and the other, another type of demographic," Liberty Media Chairman John Malone told CNBC's David Faber in an interview that aired Thursday. "Broadcast continues to survive, but is under real pressure as Big Tech competes for sports," Malone told CNBC. Disney already offers a three-way bundle plan of Hulu, Disney+ and ESPN+, which Disney owns. "The streaming version with ads will be part of the cable bundle," Malone, a former Charter board member, told CNBC. I would much rather see the cable companies be distributors of streaming in bundles and packages, because the two are kind of tied to the hip."
Persons: John Malone, CNBC's David Faber, Max, Malone, NBCUniversal's Peacock, Bob Iger, Iger, CNBC's Julia Boorstin, Disney didn't Organizations: Netflix, Hulu, Liberty Media, Warner Bros, Max, YouTube, Amazon, NFL Football, NFL Sunday, Big Tech, CNBC, Disney, ESPN, Communications, Charter Locations: Hulu
Morning Bid: Stocks clocking best week of the year
  + stars: | 2023-11-03 | by ( ) www.reuters.com   time to read: +5 min
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. The U.S. October employment report out later on Friday caps a hectic two weeks of central bank decisions, company updates and unnerving geopolitics. As the first major marker of U.S. economic strength in the final quarter of the year, the payrolls report packs a punch despite expected strike-related distortions. The interest rate relief this week is pervasive, however, as the Fed, ECB and BoE all paused tightening and U.S. Treasury debt sales worries ebbed somewhat. U.S. Treasury (.MOVE) and equity market (.BIX) volatility gauges have subsided to their lowest levels since early last month.
Persons: Brendan McDermid, Mike Dolan, BoE, ebbed, Antony Blinken, Sam Bankman, Fried, Michael Barr, Neel Kashkari, Huw Pill, Emelia Sithole Organizations: New York Stock Exchange, REUTERS, Mike, U.S, Federal Reserve, European Central Bank and Bank of England, Apple, Fed, ECB, Treasury, U.S . Treasury, Labor Department, Eversource Energy, Cardinal Health, Dominion Energy, Gartner, Church, Dwight, AMC, Liberty Media, Icahn Enterprises, Federal, Bank of England, Israel Productivity, Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Isreal, Gaza, Gaza City, Canada, Minneapolis, Israel
Formula One fanatics will get more behind-the-scenes access to the global motorsports series through a new CNBC documentary that explores the business aspects of the highest form of racing in the world. The documentary “Inside Track: The Business of Formula 1 " will debut Nov. 16 on CNBC ahead of the inaugural Las Vegas Grand Prix. The Las Vegas race is a third stop in the United States this season as F1 has expanded through North America behind a burst of popularity sparked by Netflix's own docudrama on the series. The program also examines the fan experience with a look at the Las Vegas Grand Prix, which is expected to be the most expensive event for spectators on this year's F1 schedule. Eisen also interviews F1 Academy managing director Susie Wolff with a focus on female drivers.
Persons: Netflix's, Sara Eisen, , Eisen, ” Eisen, Greg Maffei, Stefano Domenicali, Red Bull, Haas, Lewis Hamilton, Kevin Magnussen, Nico Hulkenberg, Susie Wolff Organizations: CNBC, Las Vegas, North America, Netflix, Liberty Media, Liberty, McLaren, F1 Locations: Vegas, United States, North, America
Formula One gets upgraded by Citi
  + stars: | 2023-10-06 | 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 EmailFormula One gets upgraded by CitiJason Bazinet, Citigroup managing director, joins 'Power Lunch' to discuss Liberty Media Formula One being upgraded from neutral to buy.
Persons: Citi Jason Bazinet Organizations: Citi, Citigroup, Liberty Media
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