John Malone is considering selling Formula 1 and has outlined conditions that Liberty Media would need to meet
John Malone, CEO of Liberty Media, has not categorically ruled out selling Formula 1. If someone wants to acquire the commercial rights and is “willing to pay more than the board believes it can deliver to shareholders, then we would sell,” he says.
Liberty Media officially entered Formula 1 in 2017, replacing CVC Capital Partners as owner. The purchase price at the time was US$8 billion. As early as 2023, there were rumors of a takeover bid from the Public Investment Fund (PIF) of Saudi Arabia. Corresponding media reports were never officially confirmed. Reported bid amount: US$20 billion.
Since the takeover, Liberty Media has not only driven the global expansion of Formula 1, but also floated it on the stock market. The price of the NASDAQ-listed FWONK share has since multiplied: from around $30 in 2017 to around $100 currently.
Malone: Shareholders love Formula 1!
Shareholders love Formula 1, Malone now says in the Opening Bid Unfiltered podcast: “It’s really doing very well. It has an exceptionally good economic structure. It will be a huge generator of free cash flow, which justifies the high valuation. And there could perhaps be additional synergistic additions. The brand remains strong and driving.”
Until December 2024, Liberty Media was led by Greg Maffei as CEO. However, when he stepped down, Malone, as founder, briefly took over responsibility for day-to-day operations himself. On an interim basis, and with old acquaintances at his side on the board, such as Chase Carey, Stefano Domenicali’s predecessor as CEO of Formula 1. In February, Malone then appointed Derek Chang as the new Liberty CEO.
Malone emphasizes that things are going “great” at the moment: “When I had the original Liberty Media, I had my dream team. And now, with Chase Carey on board, Bob Bennett back from the original dream team, and Derek in the role of CEO, it’s a great leadership team. I just really enjoy watching them do their work.”
Most recently, Domenicali’s leadership team announced a number of successes. These include long-term contract extensions with race tracks – most notably Miami and Spielberg, whose deals have been secured until 2041. There are also partnerships with global players such as Aramco, AWS (Amazon), PepsiCo, MSC Cruises, and crypto.com, to name but a few.
Will streaming be the next big business?
The next major project could be the intensified marketing of global streaming rights. In the US, the contract with the current broadcaster ESPN expires at the end of 2025, and according to media reports, Apple is interested in taking its first step into Formula 1 broadcasting in the US.
It would be the logical continuation of a partnership, as Formula 1 and Apple have already worked closely together on the Hollywood blockbuster “F1 – The Movie” starring Brad Pitt. The project is considered Apple’s first major cinema hit and could be a harbinger of closer cooperation in other areas as well.
Malone, an influential media mogul throughout his life, seems convinced that the TV landscape will change significantly in the coming years. Without specifically mentioning Formula 1 in the podcast, he says: “I think social networks will eventually become streaming entertainment.”
“You can see the first signs of this with Google’s YouTube, which basically offers a combination of subscription entertainment. They have experimented with sports, for example with NFL broadcasts outside their home market. But they have a huge user base with user-generated content, and that’s a gigantic funnel for promoting all kinds of things. And, of course, advertising has become a very big business for the big tech companies.”
“I can well imagine that this random-access entertainment, which we now call streaming – basically archive content combined with live sports, live events, maybe even live news – belongs on a social network. After all, I think I read somewhere that around 80 percent of Americans get their news from social networks.”
“So what could be more obvious than to see a consolidation of these major global players? Especially those that already have the technological platforms, such as Oracle, Microsoft, Google, or even Facebook. They have the technology, the necessary size, and now enormous advertising revenues. I wouldn’t be the least bit surprised if they also became entertainment distributors.”
Netflix was just a first step
Liberty Media has already taken the first step away from the old TV structures of the Bernie Ecclestone era, when linear television was primarily used to broadcast Formula 1 worldwide. The Netflix documentary series “Drive to Survive,” which has been streaming since 2019, is considered a resounding success—not only in the traditional core market of Europe, but worldwide and especially in the US.
Liberty Media recently completed its acquisition of MotoGP, meaning that the US group now holds the commercial rights to the premier class on both four and two wheels. If a tech giant such as Apple or Google were to acquire the streaming rights to Formula 1, MotoGP could theoretically be part of a motorsport super package.
From a commercial perspective, Formula 1 is healthier than ever. In the first half of 2025, the Formula 1 Group generated $1.6 billion in revenue and EBITDA (earnings before interest, taxes, depreciation, and amortization) of $442 million. This is a significant increase compared to the same period in 2024 ($367 million).
However, who might have the financial clout to actually acquire Formula 1 from Liberty Media remains speculation for now – especially since Liberty has no need to sell its cash cow, Formula 1. An investment from Saudi Arabia has been hotly debated among insiders for years. Especially since the royal family has already invested heavily in soccer, golf, and tennis.
