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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

“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

“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

☆ 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

☆ 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

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

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

☆ Lightning Round: I like Mastercard and Visa over Block, says Jim Cramer
▼ + stars: | 2023-11-16 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

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

☆ Cramer's lightning round: Archer Aviation is 'way too speculative for me'
▼ + stars: | 2023-11-16 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +1 min

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

☆ How an F1 spending cap made racing teams more investable
▼ + stars: | 2023-11-16 | by ( Sara Salinas | In Saracsalinas | ) www.cnbc.com time to read: +1 min

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

☆ Viva Las Vegas, Formula One betting big on Sin City race
▼ + stars: | 2023-11-15 | by ( Steve Keating | ) www.reuters.com time to read: +5 min

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

☆ Liberty Media CEO on Formula 1: We made a large investment because we believe in the sport
▼ + stars: | 2023-11-15 | 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 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

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