Cuộc họp công bố kết quả kinh doanh Q3 2026 của Liberty Media (FWONA): Động lực tăng trưởng F1

Liberty Media Corporation cho biết hoạt động kinh doanh cốt lõi của Formula One vẫn duy trì đà tăng trưởng vững chắc trong quý 3/2026, dù số lượng chặng đua lũy kế từ đầu năm ít hơn đã làm giảm OIBDA điều chỉnh. Dịch vụ tiếp đón khách VIP (hospitality), cấp phép bản quyền và tài trợ là những động lực tăng trưởng chính, trong khi MotoGP bước vào giai đoạn mở rộng thương mại và tổ chức toàn diện hơn.

Điểm nhấn chính

• Formula One đã tổ chức 15 chặng đua từ đầu năm đến nay, giảm so với mức 17 chặng của cùng kỳ năm trước. Doanh thu duy trì tương đối đi ngang, trong khi OIBDA điều chỉnh giảm 5%, chủ yếu do sự thay đổi trong lịch thi đấu.
• Lịch thi đấu năm 2026 của F1 hiện dự kiến có 23 chặng. Ban lãnh đạo kỳ vọng sẽ quay trở lại lịch trình 24 chặng đua đã công bố vào năm 2027, tùy thuộc vào các diễn biến địa chính trị và điều chỉnh lịch trình.
• Mảng dịch vụ tiếp đón khách VIP và cấp phép bản quyền của F1 tiếp tục tăng trưởng. Madrid đóng góp một trong những khu phức hợp Paddock Club có quy mô lớn hơn, trong khi các hoạt động tại Grand Prix Plaza cũng tăng so với cùng kỳ năm trước.
• MotoGP đã tổ chức 15 chặng đua từ đầu năm đến nay, so với 17 chặng trong cùng kỳ năm trước. Doanh thu và OIBDA điều chỉnh đều sụt giảm, phản ánh số lượng sự kiện ít hơn, doanh thu bản quyền truyền thông theo hợp đồng thấp hơn và cơ cấu hạch toán thuần mới đối với mảng dịch vụ tiếp đón khách VIP.
• Liberty Media kết thúc quý với khoảng 2,3 tỷ USD tiền mặt và các khoản đầu tư thanh khoản cao, 5,5 tỷ USD nợ gốc và tỷ lệ đòn bẩy ròng ở mức 3,0 lần.
• Liberty Media đã mua lại toàn bộ cổ phiếu Series B do Tiến sĩ John Malone và một số thực thể liên quan nắm giữ để đổi lấy cổ phiếu Series A và Series C. Tổng quyền biểu quyết của Malone sau đó đã giảm xuống còn khoảng 3%.

Dữ liệu tài chính quan trọng

Trong tháng 8, Liberty Media đã phát hành 690 triệu USD trái phiếu chuyển đổi đáo hạn năm 2032. Số tiền thu được dự kiến sử dụng một phần để hoàn trả trái phiếu chuyển đổi cao cấp lãi suất 2,25% đáo hạn năm 2027 và phục vụ các mục đích chung của doanh nghiệp.

Kết quả kinh doanh và hoạt động

Formula One

Doanh thu chính của F1 sụt giảm từ đầu năm đến nay do doanh thu quảng bá chặng đua và bản quyền truyền thông thấp hơn. Số lượng chặng đua ít hơn đã làm giảm doanh thu quảng bá và ảnh hưởng đến việc ghi nhận tương ứng theo tỷ lệ doanh thu truyền thông dựa trên mùa giải. Kết quả này cũng chịu tác động so sánh với khoản doanh thu một lần liên quan đến việc phát hành bộ phim F1 trong năm trước.

Những áp lực này phần lớn được bù đắp nhờ mức tăng phí theo hợp đồng và sự tăng trưởng mạnh mẽ của mảng tài trợ. Doanh thu khác tăng nhờ nhu cầu cao hơn đối với Paddock Club, đà tăng trưởng của mảng cấp phép bản quyền và hoạt động gia tăng tại Grand Prix Plaza. Chi phí cung cấp dịch vụ tiếp đón khách VIP cao hơn, chi phí phục vụ đối tác, chi phí quảng bá chặng đua, phí FIA, cước vận chuyển, chi phí nhân sự và công nghệ đã gây áp lực lên OIBDA điều chỉnh.

Tính đến chặng đua ở Austin, F1 đã đón 5,8 triệu người hâm mộ và ghi nhận 18 sự kiện bán sạch vé liên tiếp. Chặng đua được dời lịch tại Sepang đã thu hút 261.000 khán giả tham dự, con số mà ban lãnh đạo mô tả là kỷ lục của trường đua này.

Lượng người theo dõi F1 trên mạng xã hội đạt 229 triệu, tăng 16% so với cùng kỳ năm trước. Tổng lượt xem trên YouTube vượt 1,7 tỷ, tăng 30%, trong khi lượt xem trực tiếp trên YouTube tăng 25% lên 270 triệu.

Dịch vụ tiếp đón khách VIP tiếp tục là một mảng tăng trưởng quan trọng. Công suất phục vụ của Paddock Club đã tăng 15% tại cả Monza và một địa điểm mới mở được ban lãnh đạo đề cập. F1 đang đánh giá việc tăng thêm công suất tại Trung Quốc, Silverstone, Áo và các chặng đua khác vào năm 2027. Ban lãnh đạo cũng cho biết nhu cầu đối với công suất tiếp đón khách VIP cho năm tới hiện đã rất mạnh mẽ.

Đối với giải Las Vegas Grand Prix, ban lãnh đạo cho biết doanh thu bán vé, bao gồm cả dịch vụ tiếp đón khách VIP, đang tăng trưởng vượt tiến độ và doanh thu tài trợ đã vượt mức năm 2025. Công ty cũng kỳ vọng sẽ cải thiện quản lý chi phí cho sự kiện này.

MotoGP

Doanh thu lũy kế từ đầu năm của MotoGP giảm do tổ chức ít hơn hai chặng đua, doanh thu bản quyền truyền thông theo hợp đồng sút giảm và thỏa thuận dịch vụ tiếp đón khách VIP với Quint đã chuyển việc ghi nhận doanh thu và chi phí sang phương pháp thuần. Các khoản tăng theo hợp đồng từ doanh thu quảng bá chặng đua và tài trợ đã bù đắp một phần.

OIBDA điều chỉnh cũng sụt giảm do doanh thu thấp hơn. Chi phí đua xe thể thao giảm do số lượng chặng đua ít hơn đã làm giảm chi phí tổ chức, cước vận chuyển và các chi phí liên quan, trong khi thỏa thuận với Quint giúp giảm chi phí dịch vụ tiếp đón khách VIP được báo cáo.

MotoGP kết thúc quý với 63 triệu người theo dõi trên các nền tảng kỹ thuật số và mạng xã hội. Lượng tương tác trên TikTok tăng hơn 60%, trong khi lượng người xem tăng hơn 40%. Đã có 5 chặng đua thiết lập kỷ lục mới về lượng khán giả đến trường đua tính đến chặng đua ở Indonesia.

Công ty đã mở rộng đội ngũ lãnh đạo cấp cao của MotoGP ở các mảng chiến lược, vận hành, hoạt động thương mại và truyền thông. Ban lãnh đạo kỳ vọng cơ cấu mới này sẽ hỗ trợ tăng trưởng trong quảng bá chặng đua, tài trợ, cấp phép bản quyền, dịch vụ tiếp đón khách VIP, bản quyền truyền thông và phát trực tuyến trực tiếp tới người tiêu dùng.

MotoGP cũng lên kế hoạch điều chỉnh thể thức thi đấu cuối tuần bắt đầu từ năm 2027. Vòng phân hạng Sprint sẽ trở thành một phiên riêng biệt, trong khi các phiên phân hạng thứ nhất và thứ hai sẽ chuyển sang sáng thứ Bảy.

Dự báo từ ban lãnh đạo

• F1 hiện dự kiến lịch thi đấu năm 2026 sẽ có 23 chặng, dù ban lãnh đạo lưu ý rằng có thể cần phải có thêm các thay đổi.
• Ban lãnh đạo kỳ vọng F1 sẽ trở lại lịch thi đấu trọn vẹn 24 chặng vào năm 2027, phù hợp với lịch trình đã công bố.
• Liberty Media kỳ vọng mức chi trả cho các đội đua tính theo tỷ lệ phần trăm của OIBDA điều chỉnh trước khi chia cho các đội sẽ cải thiện khoảng 200 điểm cơ bản cho cả năm. Tỷ lệ chi trả sau đó dự kiến sẽ duy trì tương đối ổn định trong phần còn lại của thời hạn Thỏa thuận Concorde mới kết thúc vào năm 2030.
• F1 có kế hoạch mở rộng thể thức Sprint từ 6 chặng đua vào năm 2026 lên 10 chặng đua vào năm 2027.
• Về khả năng tạo doanh thu của MotoGP, ban lãnh đạo kỳ vọng phí từ đơn vị quảng bá sẽ ghi nhận mức tăng sớm nhất. Tăng trưởng bản quyền truyền thông và tài trợ có thể mất nhiều thời gian hơn do thời hạn của các hợp đồng hiện tại và thời gian cần thiết để xây dựng các quan hệ đối tác thương mại.

Rủi ro và các yếu tố cần theo dõi

• Các diễn biến địa chính trị ở Trung Đông có thể đòi hỏi phải tiếp tục thay đổi lịch thi đấu. Ban lãnh đạo cho biết đang theo dõi tình hình hàng ngày và đã có các kế hoạch dự phòng, trong đó an toàn và an ninh vẫn là ưu tiên hàng đầu.
• Việc thay đổi lịch thi đấu ảnh hưởng đến thời điểm ghi nhận doanh thu, chi phí và các khoản chi trả cho đội đua theo mùa giải, khiến việc so sánh cả năm mang lại nhiều ý nghĩa hơn so với kết quả từng quý.
• Kết quả kinh doanh của MotoGP chịu rủi ro quy đổi ngoại tệ do phần lớn doanh thu và chi phí được định danh bằng đồng euro.
• Cơ cấu các chặng đua của MotoGP có thể ảnh hưởng đến chi phí một cách độc lập với số lượng sự kiện, bởi các chặng đua ngoài châu Âu (flyaway races) thường phát sinh chi phí vận chuyển và đi lại cao hơn.
• Ban lãnh đạo cho biết Liberty Media đang áp dụng cách tiếp cận thận trọng đối với dòng tiền trong môi trường hiện tại, đồng thời tiếp tục ưu tiên đầu tư vào F1 và MotoGP.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

Ban lãnh đạo cho biết giao dịch của Malone được thiết kế nhằm xử lý số cổ phần Series B do ông nắm giữ và cải thiện sự gắn kết giữa quyền biểu quyết với quyền sở hữu kinh tế. Liberty Media sẽ tiếp tục đánh giá cấu trúc vốn và quản trị, nhưng không cam kết hợp nhất các loại cổ phiếu Series A và Series C. Kế hoạch quyền mua (rights plan) đã được thông qua nhằm duy trì sự ổn định trong giai đoạn chuyển đổi quản trị và dự kiến hết hạn vào tháng 11/2027.

Về dịch vụ tiếp đón khách VIP của F1, ban lãnh đạo cho rằng mức tăng trưởng chủ yếu đến từ nhu cầu Paddock Club tại nhiều chặng đua, trong đó Madrid mang lại lợi ích bổ sung nhờ hoạt động tiếp đón khách VIP có quy mô tương đối lớn. Mảng cấp phép bản quyền và Grand Prix Plaza cũng hỗ trợ tăng trưởng doanh thu khác.

Liberty Media tái khẳng định rằng việc đầu tư vào các mảng kinh doanh hiện hữu vẫn là ưu tiên phân bổ vốn hàng đầu. Ban lãnh đạo cũng đang xem xét lại đòn bẩy tài chính và cấu trúc vốn tổng thể trong khi vẫn duy trì trạng thái tiền mặt thận trọng.

Liên quan đến Apple TV, ban lãnh đạo nhấn mạnh giá trị chiến lược của việc tiếp cận khán giả trẻ tại Mỹ và cho biết Apple có thể cân nhắc đấu thầu bản quyền ở các thị trường khác khi cơ hội xuất hiện. F1 dự định sẽ tiếp tục tối đa hóa giá trị bản quyền truyền thông trên cơ sở từng thị trường thay vì phụ thuộc vào một đối tác toàn cầu duy nhất.

Ban lãnh đạo xác định Mỹ, Trung Quốc và Ấn Độ là các thị trường ưu tiên dài hạn hàng đầu của cả F1 và MotoGP. Công ty cũng chỉ ra tiềm năng tăng trưởng rộng lớn hơn tại châu Á, viện dẫn sự quan tâm của khu vực này đối với các thương hiệu thể thao và giải trí cao cấp.

Toàn văn biên bản cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Welcome to Liberty Media Corporation's 2026 Third Quarter Earnings Call. [Operator Instructions] As a reminder, this conference will be recorded today, November 5. I would now like to turn the call over to Hooper Stevens, Senior Vice President of Investor Relations. Please go ahead.

Hooper Stevens

Thank you for joining today's call. This call today will include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by Liberty Media with the SEC.

These forward-looking statements speak only as of the date of this call, and Liberty expressly disclaims any obligation or under [indiscernible] disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, including adjusted OGA and constant currency for MotoGP. The required definitions and reconciliations for Liberty Media can be found on Schedule 1 at MotoGP on Schedule II.

We are at the end of our earnings press release issued today, which is available on Liberty's website. Speaking on today's call today, we have Liberty's President and CEO, Derek Chang, Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling; Formula One's President and CEO, Stefano Domenicali, MotoGP's new Deputy CEO, Carlos Aspeleta; and other members of management will also be available for Q&A. With that, I'll turn it over to Derek.

Derek Chang

Thank you, Hooper, and good morning, everyone. Big day here at Liberty, so let's get started. Our operating businesses are performing incredibly well and had a great third quarter. Our goals at Liberty Media remain unchanged as we continue investing behind 2 iconic franchises. .

And as you saw this morning, we also completed a significant transaction with Dr. John Malone. I'll touch on Formula One first. The underlying business is performing incredibly well, and we continue to see demand for Formula One running ahead of what we can supply.

We successfully staged the [indiscernible] in Grand Prix in Malaysia and achieve record attendance levels. Brian will take you through the quarter in the calendar mechanics, but I'd like to applaud our team for its nimble response to a very dynamic and at times challenging year.

We also raised for the first time in Madrid at a brand-new circuit and sold out in year 1. We are expanding the Sprint format to 10 races next year while protecting its scarcity. And just a few weeks ago, we announced that we will return to Africa with a race in Moanda starting early next decade bringing our racing to every inhabited continent.

And a huge congratulations to Kimmy Antonelli I'm winning his first championship with Alexandra and Charles to welcome the new baby daughter [indiscernible] just this week. Madrid showed us firsthand how Formula One races have the potential to transcend from a pure sporting event to an entertainment and business showcase.

The circus proximity to a global city, its premium hospitality offerings and broad range of F1 and team activations throughout the weekend, making a compelling destination. The race weekend is transformed into a broader cultural experience that drives meaningful impact across the city beyond the track.

When I think about where this goes over time, I could see Madrid evolving the same way Singapore and Abu Dhabi have namely a place where sport spectacle, business and entertainment intersect. We're continuously developing new ways to expand our store, whether that's bringing F1 Live to Milan next year, building out our licensing business, our investing in our people and facilities.

We are excited about plan's financial growth trajectory. Turning to MotoGP. I feel confident that we've played important building blocks to accelerating the sports growth in 2027 with the teams and manufacturers agreement signed this summer extending out through 2031, we now have a stable framework to co-invest and collaborate together to grow this sport.

This quarter, we strengthened the organization by promoting Carlos Ezpeleta to deputy CEO and adding new senior executives with deep media and for experience. Carlos will speak in more detail about the new management team, but these appointments represent an important step forward in accelerating MotoGP growth and realizing the sports tremendous potential.

I am looking forward to welcoming these impressive individuals to MotoGP and supporting them and executing their priorities. Also, during the Formula One weekend at Austin Motor GP put bikes and miners on the circuit in front of the F1 crowd to promote its own race there next April.

It is the first time we have put one sport directly in front of the other's audience while maintaining the authenticity of both stores. Through the on-track demonstration and [indiscernible] presence, MotoGP reached a sold-out crowd of 467,000 F1 bands at the Austin GP and generated over 50 million impressions online across MotoGP and F1 digital platforms.

At delivery level, I'm pleased to announce that Philip Beckman joined us from Cravath in October as our new Chief Legal Officer. I would like to thank Rene Wang for her years of service with Liberty. This morning, we also announced that we have acquired all shares of Liberty Media's High Boat Series B common stock held by Dr. John Malone and certain related entities in exchange for shares of Liberty Media's low vote Series A common stock and no boat Series C common stock.

As a result of this transaction, John's aggregate boating power declined to approximately 3% and transaction provides better alignment of voting power and economic ownership for our shareholders while simplifying our capital structure.

I would like to thank John for working closely and constructively with the company on this transaction. In addition to being an American business legend, he has served as a leader mentor and partner to many of us, including myself.

John just reiterated to me the other day that he is very supportive of management and is optimistic about the growth prospects for our businesses. While we now have a different corporate structure, we look forward to continuing to be able to lean on his wisdom and advice.

In closing, I remain confident in the growth trajectory of both our world-class assets and excited for all to come. With that, Brian will take you through the financials, and then Stefano and Carlos will cover the operating businesses.

Brian Wendling

Thank you, Derek, and good morning, everyone. We'll start with Formula One. As always, just a reminder, I'd like to focus on year-to-date comparisons and remind you that it remains best to focus on our business on a full year basis.

Calendar changes continue to be the theme this quarter -- but the underlying business, as Derek said, continues to perform incredibly well. As you may recall, results for the first half of the year recognized season-based revenue and cost with respect to a revised 22 race calendar.

During the third quarter, we rescheduled the Grand Prix, which was held in Malaysia in October, and that brings our expected rates count up to 23 races for the year. For the third quarter, we have, therefore, realigned proportionate recognition of season-based revenue and costs with that current 23 rate expectation with numbers reflecting the accounting required to have recognized [indiscernible] or 65% and of those season based revenue and costs through September 30.

Note that additional calendar 2026 calendar changes may be necessary as we move through the year. We expect to return to a full 24 race calendar next season, in line with the published calendar. The third quarter of 2026 held 7 races compared to 6 races in the third quarter of '25. Year-to-date, F1 held 2 fewer races with 15 races held in the current year-to-date period compared to 17 races held last year.

Year-to-date, revenue was relatively flat despite the lower rate count and adjusted OIBDA declined 5%, driven by the calendar variance.

A decline in primary revenue was driven by lower rates promotion and media rights revenue, and the reduction of race promotion revenue was due to the calendar variance, again, with 2 fewer rates as held while media rights revenue was impacted largely by the onetime revenue associated with the release of the UP 1 movie last year.

Media Rights revenue was also impacted by the effect of the calendar variance on the recognition of season-based. Revenue with 15 out of 23 races stage year-to-date or approximately 65% versus 17 out of 24 races last year or 71% of season based revenue. These decreases were largely offset by underlying contractual fee increases and strong sponsorship growth.

Other revenue increased due to growth in hospitality revenue from strong demand for the Paddock, continued momentum in the licensing business and growth in activities at Grand Prix Plaza.

Partially offsetting this increase was lower F3 revenue due to the sale of cars at the beginning of the new F3 vehicle cycle in 2025. Adjusted OIBDA decreased year-to-date because of the revenue fluctuations and increased expenses.

Increased operating expenses included higher expenses related to the delivery of hospitality offerings associated with the Paddock Club, commissions and partner servicing costs associated with the strong underlying revenue growth and increased raised promotion and higher FIA fees as well as freight costs.

Selling, general and administrative expenses increased driven by higher personnel and information technology costs, partially offset by lower marketing costs driven by the nonrecurring 75th season launch event last year. Team payments as a percentage of pre-team share adjusted OIBDA were 58.7% year-to-date and were approved proportionately based on the 23 race calendar assumption.

For the full year, we still expect to see roughly 200 basis point improvement in leverage on this metric in line with the average we've seen over the past 4 years. After 2026, as a reminder, for the remainder of the term of the new carport agreement through 2030, we expect that payout percentage to remain relatively stable.

Team payments are best analyzed on a full year basis due to quarterly fluctuations in team payments as a percentage of adjusted OIBDA. Now flipping over to MotoGP, a reminder here that we closed the acquisition on July 3 of last year.

So our financial results prior to the date of acquisition are presented on a pro forma basis as though the transaction had occurred on January 1, 2024. The majority of -- sorry, the majority of MotoGP's revenue and costs are euro denominated and as such, are subject to translational impacts from foreign exchange fluctuations.

In the following discussion, I will focus on constant currency results. And similar to Formula 1, I'll also focus on year-to-date comparisons. Year-over-year comparisons are impacted by the mix of races, not just the number and a reminder that MotoGP flyaway races generally carry higher costs.

That includes freight, travel and [indiscernible] The third quarter of 2026 held 5 races compared to 7 races in the third quarter of 2025. Year-to-date through the third quarter, MotoGP also held 2 fewer races with 15 held in the current year-to-date period compared to 17 races held in the prior year period.

Revenue decreased at MotoGP year-to-date, driven by a decline in rate promotion from holding to fewer events, a reduction in contractual media rights revenue and a decline in other revenue due to Moto GP's new hospitality agreement with Quint, whereby MotoGP now recognizes hospitality revenue and costs on a net basis.

Partially offsetting this decline was underlying contractual increases in race promotion and sponsorship revenue. Adjusted OIBDA also declined year-to-date driven by the reduction in revenue.

Cost of MotoGP Motorsport revenue declined due to the impact of 2 fewer races health, which resulted in lower era, organizational and freight expenses as well as the lower hospitality costs associated with the new hospitality agreement with Quint.

Looking briefly at Corporate and Other results. Year-to-date, revenue was $18 million, which relates to rental income generated by Grand Prix Plaza in Las Vegas Corporate and other adjusted OIBDA was a loss of $36 million, and this includes the Grand Prix Plaza rental income as well as corporate expenses.

At quarter end, Liberty Media had cash and liquid investments of approximately $2.3 billion which included $1.3 billion of cash at F1 and $199 million of cash at Moto GP. The total principal amount of Liberty Media's debt was approximately $5.5 billion at quarter end which included $3.3 billion of debt at Formula One and $1 billion of debt at MotoGP with $1.2 billion of debt at the corporate level.

In August, Liberty Media issued $690 million aggregate principal amount of new convertible notes due 2032, and the proceeds will be used to repay the 2.25% convertible senior notes in 2027 and as well as we purchased a cap cloud that will fund additional costs associated potential costs associated with the 2027 convertible notes and for general corporate purposes.

F1's EUR 500 million revolver and MotoGP, EUR 100 million revolver, both remain undrawn. And at quarter end, Liberty Media's net leverage was 3.0x. Formula on and Moto GP are both in compliance with their debt covenants at quarter end. And with that, I will turn it over to Stefano to discuss Formula One.

Stefano Domenicali

Thanks, Brian. What an incredible season we have had so far. After a trading championship battle, so far the season, I want to congratulate Kimi Antonello becoming the youngest driver in form of 1 history to win the driver championship. And also congratulate Mercedes team who are poised to win the constructor champion. .

I also want to applaud Red Bull and Ford on their first victories together under the new partnership with mobile. We expect the great reason to continue as we add into the father races of decision with a number of drivers backing to finish second and the is pushing hard to secure their position the constructor charter ship.

The incredible level of competition continues to translate directly into strong funnel engagement. Season to date through Austin, we have welcomed 5.8 million fans and had 18 consecutive sold-out [indiscernible] with deleverage setting due attendance records.

Audiences are up our social channels continue to grow and the feedback from our funds in our surveys has been overly positive, reflecting both the quality of the racing and the drama of the storylines week after week. I'm proud to say that we again demonstrate F1 ability to solve challenges by successfully staging the Baragar, Malaysia, and even was a resounding success, reflecting the resilience of our business model and the incredible ability of our teams and partners to find creative solutions to assure we can go racing.

In fact, it was the biggest Grand Prix attendance ever at Sepang drawing 261,000 fans. I want to again thank his majesty King of Bahrain. His Royal Highness Prince Salman. His Magister the Kingdom Malaysia and their respective governments. Together with the present of the FIA and our promoters for their continued partnership and flexibility during a dynamic year.

I'd also note that the disruption we experienced in the Middle East this year does not change our long-term regional strategy and ongoing partnership with our promoters. This year, we currently remain scheduled to complete our calendar decision and at this stage, continue to plan to finish the issue in Qatar and Abu Dhabi.

We will continue to monitor the situation. And as always, the safety and security of everyone in the sport will remain our first and foremost priority. We remain committed to bringing Formula One to funds everywhere and we continue to expand both the resin itself and our geographic footprint to make that happen.

Looking further ahead, we recently announced several exciting addition to our 2017 calendar and beyond. We are kicking off the 2027 season with the F1 Live and expanded format of the event in London in 2025. The week long activity will take place in Milan, with 3 core components, including our Formula One showcase on Festival and a live show.

We look forward to sharing more details soon. 2027, we see an expansion of our Sprint format to test print rates, up from 6 this year. The Formula continues to add excitement to our events whilst providing valuable additional inventory and commercial opportunity for our partners.

We are also thrilled to welcome Portugal and Turkey back to the calendar next year. Given our support the opportunity to reach new files. We recently announced a [indiscernible] 10 years agreement to bring the Fun African Grand print on the calendar in the early 20s. These ways will mark our told to the affluent continent for the first time since 1993.

We have always seen Africa as an important part of Formula One's future, but we're determined to return in the right way. With the right partners and with a long-term commitment and clear vision for creating meaningful impact.

With one joining the calendar, in the near future, we will be raising on every inhabited count in the world. Africa is estimated to be home to more than 100 million Formula Fan with almost 60% of funds in key supercar markets under the age of 35.

So the long-term growth opportunity here is enormous. I want to thank his Excellency President Paul Kagame, the government Aranda. The [indiscernible] Development Board and the FA President, [indiscernible] their partnership in securing this opportunity, and we could not be more excited about what this means for the future of Formula One.

Turning to fund engagement. Growth in global TV [indiscernible] continued in the third quarter, with several events, including the Italian and oxybate recording double-digit passenger growth.

Our social digital plate continued to thrive as well. We grew our social media following 229 million, up 16% year-over-year, and our total YouTube views have now surpassed 1.7 billion, up 30% year-over-year, with 75 million hours of watch time. Our YouTube live views reached 270 million, up 25% year-over-year with 16.2 million hours watched diving into more details around our business. Momentum continues to accelerate in our hospitality business.

Looking ahead to next year, our 2027 Paddock Club sales will commenced in early November, and we've already seen great momentum with an increasing team and customer request.

We expanded our Prime hospitality offering launching with LVMH, a new dining experience. The Outlet. In Belgium, the Netherlands and Madrid.

And after a successful launch, we plan to make it available at all our European races in 2027. Our collaboration with Soho House and Lewis Hamington House 44 also continued to be a standout success as well and will grow from 9 locations this year to 13 in 2027.

Austin also hosted the second iteration of our Golden [indiscernible] paddock experience as well as the boot of the pad bar by F1 at the iconic downtown Sagebrush venue.

The paddock bar by 1 was an off-track experience in the heart of Austin, and I like the way in which we have expanded the race we can experience beyond the track and for our fans. There is itself generated over EUR 1 billion in economic impact for the city this year.

We have also continued to expand our patellar capacity. In Monzo, we added the Paddock Club extension increased capacity by 15%. And in North in, we opened a brand-new Paddock Club space within the term structure, increasing our capacity also by 15%.

With demand strong, we are also exploring opportunities for adding product club capacity in 2027 at China, Silverston Austria and several other races to meet this growing demand. We are also gearing up for the Las Vegas Grand Prix in 2 weeks' time and this year, progress has been phenomenal.

Ticket revenue, including hospitality, is pacing ahead the sponsorship has already surpassed 2025 levels. We are bringing the world city to life. We're programming across the race we can, kicking things off with our second F1 Business Summit and closing the event out with our sphere after-party featuring Backstreet Boys. Looking ahead, the Las Vegas Grand Prix remains key, not just to our local community partners for whom it has generated over cumulative economic import so far, but to our U.S. brands and growth strategy as well.

Our license continues to build momentum with new agreements signed, including LICA, where together, we are going to be launching a bison addition to much acclaim globally. We also extended our Disney partnership throughout 2028 and are now included Disney and pixel cars under the expanded partnership.

This quarter, we opened 3 additional F1 flagship stores last new off-track F1 hubs at the Austin race and in Mexico. The expansion of our F1 hub underscores our new philosophy of getting deeper into the city in which we raise and it is a popular fund activation nucleus, which continue to support our overall retail sales growth.

In Austin, we saw record-breaking levels of merchandise sold. In gaming, we built upon our existing license partner with Mattel announcing a gaming collaboration to integrate the F1 Hot Wheels cars into the hot with infinitive Roche video game.

Releasing next year, the game will feature all 22 official for cars. I'm also proud to share that our license traveling F1 exhibition on the best touring exhibition awarded GG award in Madrid is October which is a significant industry-wide recognition.

The exhibition has now visited 11 city and 4 contents with more than 2 million tickets sold to date. Commercially, we have continued to make great progress, also extending our media isolation with a [indiscernible] Spain, Portugal and Andara through 2030 and renewing liquid Mollis sponsorship in a new multiyear agreement. We are more excited in a as we are into the year-end.

While the remaining strong momentum across every part of our business, we believe one has an exciting growth journey ahead and we are more confident than ever that the foundation we continue to bid today will drive enduring value for our partners and stakeholders for the years to come until full speed ahead.

And now I will turn the call to Carlos to discuss MotoGP. Carlos?

Carlos Ezpeleta

Good morning, and thank you, Stefano. MotoGP Group is entering a period of transformational change, and we're pleased to continue that journey with the support of Liberty Media. The sport is in a fantastic place with another season of close competition and credible racing.

Our vision for growth remains the same. To share Motor GP's raw energy and define Spirit with the world through compelling storytelling world-class racing and cultural moments that extend our reach far beyond the track. We've made tangible progress laying the foundations to accelerate our sports growth.

In September, we strengthened our executive team with an impressive slate of new leadership hires, including new Chief Commercial strategy, operating and media officers amongst others. These appointments built on the addition of Vince Russell as Chief Financial Officer earlier this year.

I'd like to spend a moment discussing our updated organizational structure. [indiscernible] joined us in September as Chief Strategy Officer. Bringing 2 decades of strategic leadership experience across finance, sports and entertainment, most recently with USC and TKO Group Holdings.

Then joining us in January 2027, we have Luis Young, who has been appointed as Chief Operating Officer following more than 8 years with Formula One most recently as Chief Race Promotion Officer bringing deep experience in working with promoters, circuits and governments, which will be invaluable as we expand our global calendar.

Chief Commercial Officer, Ryan Norris, will join MotoGP from [ Tom Hotspur ] to oversee partnership, sponsorship, licensing, hospitality, marketing and digital and Samir Probari will become Chief Media Officer, having previously held senior leadership roles at NFL, Warner Bros Discovery at [indiscernible] United.

In addition to being responsible for our media rights operations. He will also oversee the commercial growth of MotoGP direct-to-consumer streaming service. Together, this team brings proven experience scaling some of the most successful properties in global sports and entertainment. And I'm excited to have him on board.

The strength of the sporting product has never been clearer. This season has delivered extraordinary racing unpredictable story lines and fused competition across the grid. As we approach the final rounds, Mark Maket is on the verge of another historic championship win but the real story has been the depth of talent and competitors throughout MotoGP, which continues to set the benchmark for racing worldwide.

That competitiveness has supported strong fan engagement, both on and off track. Season to date, through Indonesia, 5 races have set new circuit attendance records. Our digital and social momentum also continues to build. We ended the quarter with 63 million total followers across platforms. Tiktok delivered standout growth with engagement up over 60% and viewership up over 40%.

Looking ahead, we will launch our 2027 in Rio de Janeiro with a spectacular celebration that brings our sports directly to the heart of the city. We're planning a bike exhibition along [ Botafogo ] Beach, bringing together every rider team and manufacturer in front of a global audience.

The program will also feature internationally acclaimed artists alongside leading resilient musicians and entertainments. Celebrating Rio's vibrant music and creating a pro festival atmosphere for our fans. Now in its third year, our seasonal launch event has become a defining moment in our calendar and a powerful global showcase for our sport.

We also announced a new race weekend format starting next season designed to make the on-track action even more exciting for fans. Spring qualifying will become its own separate session with qualifying one and qualifying two moving to Saturday morning. The new structure is built to make the weekend easier to follow, whilst ensuring each day delivers its own meaningful sporting outcome. We believe this will create additional storylines throughout the full rate. We can make the format more intuitive for new fans and further support our ongoing commitment to safety by creating a clear and more balanced competitive schedule for Rogers and teams.

On the team side, this has been one of the busiest transfers windows in recent memory with a total of 17 rider movements out of 22 riders as teams finalized their 2027 lineups. The MotoGP grid will also welcome 5 new riders next season, including 1 or 2 [indiscernible] as well as Rainingwall super bike Champion Nikola [indiscernible] the influx of young and exciting talent underscores the strength of our riders development pathway and reinforces confidence in the long-term future of the championship.

A key part of our growth strategy is taking [indiscernible] new audiences through complementary sports and entertainment platforms. Recent examples include our activation alongside FIBA and Nissan and our first ever present at a Formula 1 weekend during the USA Grand Prix Austin. These initiatives create meaningful opportunities to showcase MotoGP to highly engaged sports fans expand our reach and drive greater awareness of the championship in markets around the world.

On the business side, we also had a productive quarter with several new and renewed partnerships. In media rights, we ruined our partnership with Dozens, Kayo Sports and Foxtel in Australia and a multi-new year agreement beginning in 2027. Within race promotion, we revealed the impressive Adelaide track layout, the promoter has received environmental approval for the circuit works, and we're also thrilled to announce that Red Bull will become the title sponsor of the Australian and pre starting next season.

We extended our agreement with Portugal for another 3 seasons through 2029 and also renewed Modelo, home Italian Gran Prix for another 5 years through 2031. We're proud of the progress we've made this quarter and look forward to updating the investor community. Now I'll turn the call back over to Derek.

Derek Chang

Thank you, everyone. We appreciate your continued interest in Liberty Media. And with that, we'll open the call up for Q&A. Operator? .

Operator

[Operator Instructions] And the first question comes from the line of Bryan Kraft with Deutsche Bank.

Phần hỏi đáp

Bryan Kraft

I wanted to ask, given today's announcement regarding Dr. Malone, would the company consider passing the Series A and Series C classes a single class of stock, all having one vote per share. .

If this is no longer one of be a controlled company, why continue to have the AMCs outstanding. And just wondering if there's anything specific that would prevent you from doing that.

Derek Chang

Thank you, Brian, for the question. This transaction was obviously designed to take care of John and his B shares as we transitions on some of the stuff on the personal side for him. That was not meant to do anything more than that. That being said, we, as a company, as you rightly point out, we'll continue to evaluate what the optimal capital structure is and governance structure. And that's something that we will continue to do and look to optimize that.

Operator

The next question comes from the line of Sean Diffley with Morgan Stanley.

Unknown Analyst

Two, if I may. The first on the Malone transaction. I was wondering if you could provide any color on the comment that John received a number of unsolicited offers from third parties and then your rationale for the rights plan, which expires in November '27.

And then on nice upside in the F1 other revenue line versus our estimates. I'm guessing it was driven by hospitality, maybe helped by Madrid, but also leaning. Any further detail or sizing you could provide for us there?

Derek Chang

Sure. Thanks, Sean. So on your question and John receiving offers, as you might imagine, following from time to time, job received offers because you obviously controlled a significant set of votes with a relatively low economic interest.

We won't comment any further on specifics of that. We did get into a situation where it then made sense for as we've already pointed out in the press release, it made sense for us to go ahead and work with John on a constructive solution that helps us effectively control our own destiny forward.

And I think that worked out well. I think everyone is very pleased with how this transaction ended up on the what was the second question piece of that question, sorry. .

Unknown Analyst

The rights offering the rights plan?

Derek Chang

As the complexion of the governance has changed, from John holding such a significant portion of the votes in 1 place to a bit more -- I mean, we still have a 2-class share structure even without the best.

And I think as we look to promote stability in the near term, through this transition, we thought the rights offering was the right thing to do. As we -- as I was answering Brian's question as we look to optimize what the capital structure is. I think on the last question on the business front with respect to the other revenues, I'll hand that over to Brian.

Brian Wendling

Yes, Sean. The main drivers, as you rightly point to point out, our hospitality and licensing Madrid is one of the larger paddock clubs on the circuit. So that was a nice uptick in hospitality. But we also -- you've seen growth in hospitality throughout the year at a lot of our other locations as well.

So impacted by Madrid, certainly favorably but spread across the rest of the races. Licensing is still performing strong. Those 2 then are offset by the F3 engine cycle for last year where we had engine sales in the prior year that we don't have this year. And then the Grand Prix Plaza activities at LV GP have been growing this year versus the prior year. Those are the main drivers.

Operator

The next question comes from the line of David Karnovsky with JPMorgan.

David Karnovsky

Maybe just following up on the transaction. Derek, does this change anything from your perspective . I know you think about go-forward capital allocation target leverage, just other liberty level matters. And Brian, are there any outstanding shares of Visa options following this?

Derek Chang

Yes. So David, I don't think -- I think to answer your question, we're still focused primarily on growing the businesses that we have. And as we stated previously, sort of investing behind those businesses and growth plans that they have is probably the biggest priority as we think about other forms of capital allocation, it's in it's not envision at all with what we said previously in terms of where we might place investments. .

And ultimately, we are in the process of again, evaluating capital structure out from leverage levels. I would say that given the environment that we're in right now, we're probably being cautious in terms of cash.

With respect to the B shares, there are certain percent of outstanding on a billing basis B shares. And then from an option standpoint with what we did with I think there are no options left outstanding.

David Karnovsky

Okay. And then just a separate one to the cost systems you just mentioned the in that has to do with kind of the Middle East and the races, there obviously has gotten a lot of attention just great to kind of hear the latest on how you're thinking about the rest of the calendar, the ilo backup.

And then we might as well ask about 2027, given there's some basis on the calendar March and how you think about flexibility just in the calendar and what contingencies you have with the longer lead time?

Derek Chang

Sure. Let me take that and then I can have that on the side over to Stefano. But the calendar is sort of proceeding along as it's laid out right now. Clearly, given what's going on, we are monitoring the situation, frankly, on a daily basis. And adjust if we need to.

First and foremost is safety and security of anyone in either sport, Formula One arm to GP, and that will be paramount. That being said, we have a backup plan, as you guys know, with respect to Formula One and as a basis at the end of the season.

Stefano and team have backup plans for next season to in the event that sort of the situation continues to be outstanding. But with that, I'll let Stefano give you some more detail.

Stefano Domenicali

Well, thanks, Derek. I think that you said exactly where we are. I mean, I think that we've proven to be as much as rational as possible and trying to be, as always, created a constructive to make sure that the champions run despite the complexity of the geopolitical situation.

And I relate once again, our thankful to the in of Bahrain and the King of Malaysia to allow to have one race in a place that no one thought was possible. Therefore, that is our commitment, our committee is in front of our fans in our committees in front of our partners, forces and teams and together with the Federation of course, as Derek was saying before, we mentioned we are monitoring the situation and safety first for everyone.

But that's why we were not emotional before, and we will stay rational up to the end. And we have planned on contingency. And as you can imagine, on our complexity in terms of logistics, some of this administration [indiscernible] selling is quite important. And I think that so far, we have proven to be strong in that respect.

Operator

The next question comes from the line of Joe Stauff with Susquehanna International Group.

Unknown Analyst

Derek, Brian. First, can you give us an update on Las Vegas Grand Prix and the ticket pacings there? And then a question on to Carlos or Derek or Brian. Can you remind us just in terms of the number of new promoter contracts that take effect in the '27 season and then the '28 season?

Derek Chang

Sure. Joe, let me go in reverse because I'll turn it over to Brian and then Stefano on the Vegas question. But on MotoGP in '27, we have Argentina and Adelaide in Australia coming online. I don't believe at this point, we have announced any new ones for '28, but Carlos, is that correct?

Carlos Ezpeleta

Yes, we have not announced any new events turning in 2028. We have a number of renewals, a big part of the calendar for 2027 or new or renewals entering into effect in '27.

Unknown Analyst

Yes. I think I misspoke. I meant to ask on renewals. Sorry about that.

Carlos Ezpeleta

So for renewals, the exact number I have to get back to you, but it's probably around 75% of the calendar.

Stefano Domenicali

Yes. With regard to [indiscernible] I could say in a nutshell, the situation is looking to be very, very good. I mean the thanks to the incredible work of Emily Fraser and all the teams here in Vegas. I mean, the water is happening in Vegas in couple of weeks will be the best for sure in terms of revenue and in terms of cost management.

And on top of that, that is even more important than that, I think that we were able to have to build an incredible solid future with the community of Vegas. The extension for many, many years is because after [indiscernible] I think that we have proven to be an asset, not only for the championship, but also for the city.

So very proudly, I think that this ramp will see the revenue will be high, the cost contained and in terms of attendance would be fantastic. And a lot of quality people that will come to enjoy an incredible event that for many reasons, and that was one of the reason why we wanted to organize ourselves, we remain a reference for a lot of things that we're doing that is well reflected in the growth of the sport in other places of the world.

Operator

The next question comes from the line of Anthony [indiscernible] Jefferies.

Unknown Analyst

You've called out the monetization gap between F1 and MotoGP as being a major opportunity to close. How do you foresee that unfolding over the next couple of years? Which revenue streams do you think present the greatest upside? And what kind of cadence should we expect on that?

Derek Chang

Sure. Thanks, Anthony, for the question. Yes, you're right. We have called out that gap and that is the opportunity that we see. I think in the near term, what we're seeing is probably on the promoter side, so the track fees that we're going to -- the race fees, excuse me, that we're going to be getting from our local promoters.

That's probably where you're going to see the increases to begin with. And then as we move forward, I would see us both on the media rights and sponsorship side. that probably doesn't happen because some of those are longer deals, and it takes a lot of late in the sponsorship side like we saw with Formula One.

I don't think we really hit our stride until 5 years into the business. But as I think I've said previously in other settings, the fact that we are having good conversations with potential sponsors and they see the same sort of ability to have a trajectory like we had with Formula One. And they also understand that under Liberty, the credibility that we've developed because of what's happened with formula on that, we may be able to accelerate that in a way that would hopefully start to see some of those increases come sooner rather than later.

Unknown Analyst

Great. And can you also provide a little bit of color on the benefits you've seen thus far from the Apple TV deal and has Apple expressed any interest in bidding on any upcoming contracts outside the U.S.?

Carlos Ezpeleta

Sure. I'm going to actually just let Stefano answer that question.

Stefano Domenicali

Yes. I mean, the Apple TV has given us an incredible opportunity to get into the market that want to be effective. I mean, the engagement to the young tanker we have, but we don't have to forget that in U.S. our market is 40% remain with another between 18 and 24 has given the opportunity to get into their habits and culture. .

There, we are doing a lot of other things that will be focused to grow and expand their activity using us altogether to be step-by-step get into more of what are the culture of the American score fans. And this will allow us not only to be focused on the sport but also being apple in other dimension, we have heated with the measure we're interested in and lifestyle entertainment for music.

And there's a toting that Apple is very, very strong, and they are very happy as we are about this new deal. On the other hand, the answer is yes. It's because they are really understanding that potentially, and this is part of our discussion, if there are opportunities that are building out the market they would do it.

And because, of course, they see and we can see this effect could be even bigger in the future even if, as we always said, our strategy is not to have one main media partner all around the world is to make sure that we maximize the opportunity that we can have market by market. But once again, yes, they're going to do it as soon as this opportunity will be open for them.

Derek Chang

Yes. Thanks, Stefano. I think to put a finer point on it, the affiliation with the Apple brand and you have on the 2 together are very complementary. And I think that, that is what Stefano spoke to in his introductory remarks on sort of the elevation of the store into a global entertainment brand, and Apple being part of that is very complementary.

I think then the other part is probably on the pad side. where anyone you speak to it a product as has probably exceeded expectations, and they continue to think about what innovation will happen and what you what new innovation they can add to the product side?

And then finally, Apple as a potential bidder in other markets is helpful, even if we don't necessarily dealt with them in those markets, just tightening the market is helpful from a demand stand.

Operator

The next question comes from the line of Steven [indiscernible] with Wells Fargo & Company.

Unknown Analyst

Derek, I was wondering if you could talk about what you're seeing in VIP experiences. I know you've added capacity like the Turn on Club House at Code in Austin. Could you help us with what VIP revenue has grown year-on-year this year? And what sort of capacity expansion do you think you can drive over the next few years with more like that? And finally, would you consider breaking out VIP revenue separately because I think it's a growth driver of the company that kind of gets lost.

Derek Chang

Sure. I think before we go into F1 on VIP, one of the things I want to also highlight is what we're doing at MotoGP with respect to VIP, where working with Quint, we are completely overhauling that product and expect that to introduce over time here, a much higher-quality product that will be sort of well received by.

On a B2B basis as well as the fans of the sport. So stay tuned there. And the Formula One side, I'll turn it over to Brian, on the specifics of any of these numbers. And then Stefano could probably give us better color on -- more broadly on we upgrades are happening.

Brian Wendling

Yes, specifically on your question, would we ever consider breaking it out. Certainly, if it gets to the size where it's required under SEC rules, we certainly would -- we would break it out. but we have a little bit of ways to go for that. In terms of -- I'll do a high-level commentary, but basically, most of the revenue growth you're seeing in hospitality there are some new areas that are helping to drive that growth, but it's largely just due to the Paddock Club growth at most of the venues like [indiscernible] commented earlier, Madrid did come online. It's a relatively larger Paddock club compared to what we had before it replaced [indiscernible] So you're seeing growth there. But I'll let Stefano comment on it. But as we've said before, the company is experimenting with House 44, the out, lots of different types of VIP offerings.

Stefano Domenicali

Yes. Thanks, Brian. Sean. Yes, I would say the main factor of this is because we wanted to extend our experience for all the fans. And of course, the more we are getting into the so-called VIP experience, we need to offer services and things that are not possible to have another situation.

So the fact that we have now more different products that are diversified and of course, with different kind of pricing position is really the thing that we saw growing.

And that connected with the fact that having long-term deals with partners and promoter allow us to ask their investment in the dimension that we believe is right. Always remembering that the quality is an asset for us.

And I don't want to be presented, but because we have been seen as a reference in terms of hospitality like an experiential world, in the world of sport business and entertainment platform we need to keep that focus at the top of our priority, and this will happen in the future.

The good news that I can share already is that for the next year, for example, our capacity is almost gone because there is such a request that allow us to push and work on the quality of the offer that we want to give to our fans and to our guests.

Operator

Our next and final question comes from the line of Stephen Laszczyk with Goldman Sachs.

Stephen Laszczyk

On the F1 sponsorship side, Derek, Stefano, I would just be curious if you could give us an update on where we stand with bringing in some new logos across some of the verticals you called out earlier this year, I think AI travel and fitness.

And then if I could, a longer-term just on the opportunity in Asia, it feels like there's momentum in the region would just be curious what you need to see your gain conviction on to maybe lean into the region in a bigger way and when we maybe could expect that to be an opportunity.

Derek Chang

No, go ahead. On the sponsors step

Stefano Domenicali

Okay. No, I would say on the sponsorship, I would say -- I would like to say -- to use the world stay tuned because our lag is followed by a lot of things that are positive. And it's not only on the fact that the partners that are with us, they want to stay with even a stronger position.

But because of the opportunity of other categories, we will bring some new partners and be able to show that momentum also in this stream of revenue is very, very solid and very, very strong. And I calculate that also to the fact that you're correctly saying that we see an incredible potential on the Far East market rest Asia market because, of course, everyone was focused on the fact that we need to develop our growth in the U.S., which is, for sure, a very important market.

But as you correctly say, the Far East Asia market represents for us another opportunity that needs to be kept for the future. And that's another well in the next couple of years.

We're definitely going to be very effective in trying to have another step up build there because the market will allow us to be even bigger with activities that we are preparing for the growth.

Derek Chang

And I'd like to just add to that, which is across both Formula One and MotoGP, 3 of the largest markets for us in priority markets are for now and over the next sort of 10 years or continue to be the U.S. where obviously, we've made huge inroads with F1, but I think there's still a ways to go and clearly, we're only in the beginning stages with MotoGP in the U.S. I think that China and India, I've spoken about recently represent opportunities for us.

We need to go about them sort of the right way, but there is a lot of affinity for premium sports over in those markets, the whole concept of what we're trying to do from a global -- as being a global entertainment brand, resonates in those markets. We have sort of both MotoGP for its own reasons in terms of those markets, a lot of India, Southeast Asia have used, frankly, motorcycles primary mode of transportation. So a lot of appeal.

But I think that the more general concept of those markets being sort of large, those markets having an affinity for brand entertainment celebrity, all that stuff I think our sports are going to bring to the table make those in our minds attractive opportunities going forward.

So with that, I think we will wrap the call. Thank you, everyone, for your interest, as usual. Again, a big day here, but good things to come. So thank you.

Operator

Thank you. This concludes today's conference. You may disconnect your lines at this time, and enjoy the rest of your day.