|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||43.47 - 43.47|
|52 Week Range||21.00 - 44.95|
|Beta (5Y Monthly)||1.29|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Formula One, the motorsports owned by Liberty Media Formula One (NASDAQ: FWONA) (NASDAQ: FWONK), is in "active talks" with Amazon.com, Inc (NASDAQ: AMZN) to stream its Grand Prix races, the Financial Times reports.What Happened: Formula One is the world's most valuable motorsports series. F1's outgoing chief executive officer, Chase Carey, told Financial Times that he has held "substantive discussions with Amazon and all the global digital platforms" for new screening deals. Carey said that online streaming platforms are important potential partners and serve as an opportunity for F1 to expand its business.Reportedly, F1 wants to expand its audience and target younger fans who switch to watching sport online rather than traditional TV networks.Why It Matters: F1 is under pressure to find new revenue streams after the pandemic led to operating losses of $363 million in the first nine months of 2020, FT reports. Liberty Media was forced to furlough half its workforce and injected $1.4 billion cash in April to weather the pandemic.FT reports that Amazon did not comment on the story, but it has been one of the most aggressive platforms in bidding for live sports rights worldwide. Amazon has secured rights to stream National Football League matches in the US and the English Premier League in the United Kingdom. The Jeff Bezos-led internet giant is also looking to expand in the hot cricket streaming market in India. Facebook, Inc (NASDAQ: FB) has also joined the content-streaming bandwagon in India.FT notes that Amazon and other streaming platforms have been reluctant to offer the huge rights money that broadcasters have previously paid for F1. The biggest broadcasting deal for F1 is with Sky in the U.K., grossing $250 million a year until 2024.Price Action: AMZN shares closed marginally up by 0.1% at $3,206.52 on Tuesday.Image Courtesy: WikimediaSee more from Benzinga * Click here for options trades from Benzinga * Startups Target Small Merchants On Amazon's Platform For Acquisition: FT * Amazon Seeks Priority Access To COVID-19 Vaccine For Its Front-Line Workers(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds’ and successful investors’ positions as of the end of the third quarter. You can find articles about an individual hedge fund’s trades on numerous financial […]
Liberty Media Corporation, one of the largest media companies in the U.S., is entering the SPAC market with a newly announced IPO.About Liberty Media Corporation: The sponsor of the SPAC offering is Liberty Media Corp. The company is the owner of The Liberty Braves Group (NASDAQ: BATRA), Formula One Group (NASDAQ: FWONA) and The Liberty SiriusXM Global (NASDAQ: LSXMA).SPAC CEO: The SPAC will be led by Gregory Maffei. He's the CEO of Liberty Media Corp., Liberty Broadband Corp., GCI Liberty and Liberty TripAdvisor.Maffei is also the chairman of Qurate Retail, Live Nation Entertainment (NYSE: LYV), SiriusXM Holdings (NASDAQ: SIRI) and TripAdvisor Inc (NASDAQ: TRIP).Related Link: MLB Playoffs, New York Mets Sale Could Boost Atlanta Braves StockThe Offering: Liberty Media Acquisition Corporation (NASDa Q: LMACA) will sell 50 million units that are good for one common share and one-fourth of a warrant with an $11.50 price.The sponsor has committed to purchase up to 10 million warrants at $1.50 each in a private placement. The sponsor will also buy 250 million in units at $10. Liberty Media Corp. owns 14,375,000 founder shares prior to the IPO.The SPAC units will trade as LMACU and then split to common shares (LMACA) and warrants (LMACW) around 52 days after the offering.SPAC Target: Liberty Media Acquisition Corp. is seeking a company in the media, digital media, music, entertainment, communication, telecommunications or technology field.Among the criteria for a target company are strong growth trajectory, need to scale, stable free cash flow generated and a potential industry consolidator.See more from Benzinga * Click here for options trades from Benzinga * Sotera Health IPO: What Investors Need To Know * Maravai IPO: What Investors Should Know About Pfizer/BioNTech COVID-19 Vaccine Partner(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.