Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Media Corporation 2020 Q1 earnings call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. At that time, if you have a question, please press star one on your telephone keypad. As a reminder, this conference is being recorded. May 7th. I would now like to turn the conference over to Courtnee Chun, Chief Portfolio Officer. Please go ahead. Thank you. Before we begin, we'd like to remind everyone that this call includes 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 Liberty Media's most recent forms, 10-K and 10-Q, or Liberty Media Corporation forms, S-1 registration statement filed with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Media and Liberty Media Corporation expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media or Liberty Media Corporation'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 and Sirius XM, including Adjusted OIBDA and Adjusted EBITDA. The required definitions and reconciliations for Liberty Media and Sirius XM, schedules one through three, can be found at the end of the earnings press release issued today, which is available on Liberty Media's website. Now I'd like to turn the call over to Greg Maffei, Liberty's President and CEO. Thank you, Courtnee, good morning to all of you out there. Today, speaking on the call besides myself, we'll have Formula One's President and CEO, Stefano Domenicali, and Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling. Beginning with Liberty Sirius XM, we continued our share repurchases, purchasing $114 million across LSXMA and K shares from February through April. The discount stubbornly remains, we repurchased at a look-through price of, and Sirius XM of just over $4 per share. We do expect to continue to take advantage of that stubborn discount opportunity. Our ownership of Sirius XM as of April 26 stood at 77.3%. Looking at Sirius XM itself, they're off to a fast start this year with self-pay sub growth of 83%. Trial starts in the first quarter were the highest in the company's history, and they recorded record low first quarter churn. They're also experiencing rapid growth in off-platform advertising revenue. 360L, the next generation platform, is now in 2 million vehicles providing valuable data and offering engaging features. We expect it will be about 25% of this year's installs. We are now the largest digital ad platform in North America, reaching almost two-thirds of online audio listeners. We're also continuing at Sirius XM our expansion in the podcast segment with our acquisition of 99% Invisible, furthering our content creation capabilities. Turning to Live Nation, you may have seen in today's earnings release from them, concerts are back and in high demand for dates in 2021. In fact, we have booked twice as many shows in 2021 as we did in 2019. Luke Bryan, the 2021 ACM Entertainer of the Year is going on tour, the Railbird Festival with headliner Dave Matthews Band is another notable addition. Following up on acquiring the majority stake in VEEPS, we've begun our Ticketed Live platform and started equipping 60+ concert venues to offer turnkey live streaming events. We continue to help artists expand revenue and creative opportunities, connecting them with more fans via VEEPS and other means. Looking at the Formula One Group, we've had phenomenal racing this season, as Stefano will outline a little bit more in a minute. It's exciting to see the battle between Lewis and Max. It's going to be a very competitive year also for third place in the Constructors' Championship, so lots of exciting racing. The teams continue to execute well, given the ongoing challenges from the pandemic. Turkey will replace Canada in June, showing the sustained demand to expand GPs. We've also extended our agreements with Canada and Japan. We are looking forward to the first sprint qualifying race in July at Silverstone, and there'll be two more of those during the rest of the season. Drive to Survive, our programming on Netflix, continued to grow in popularity in its third season, and it's also getting recognized on the award circuits, both in the U.S. and Canada. Finally, we look forward to seeing all of you in Miami in 2022. Turning to Braves. After a slow start to the season, our record is just under.500, and we are close to third in the NL East, a game and a half out of first place. We were helped by sweeping the Nats over the last three games. Braves are number one in home runs this season and also number one in average attendance, almost 16,000 per game. That is if you exclude Texas, which we'd be third, including Texas. Ronald Acuña was named National League Player of the Month for April. Pablo Sandoval hit three pinch hit home runs in April, the most by any Braves player in a calendar month in its franchise history. As of today, we expect to expand capacity to 100% of fans after opening the season at 33%. Notably, in partnership with Emory Healthcare, the Braves are offering vaccine shots before and during games against Philly. Fans who get vaccinated at those games will receive two free tickets to future Braves games as well. Finally, the Braves looking at The Battery, thyssenkrupp, is expected to occupy their office space in July, and Papa John's later in the summer. Demand for remaining office space remains very strong. The Aloft and Omni Hotels had high occupancy on Friday night and Saturday night games or nights in March, with several sell-outs on game nights. We continue to make good progress on LMAC, the SPAC. The SPAC market has changed in a way we believe is to our benefit, as some of the euphoria of January and February has deflated. We believe recent weakness in the PIPE market plays well for Liberty, given our strong balance sheet, our capabilities with investors, and the support that we have. Finally, we wanted to share with you that we have recently published our SASB disclosure on our website as a part of our ongoing ESG efforts. With that, I'd like to turn it over to Brian to discuss our financial results in a little more detail. Thank you, Greg, and good morning, everyone. Liberty Sirius XM Group had attributed cash, restricted cash, and liquid investments of approximately $1 billion, excluding $67 million of cash and restricted cash held at Sirius XM. This balance is prior to paying the Formula One Group $384 million to settle the Live Nation call spread in April. The settlement of the Live Nation call spread was a non-taxable transaction among the tracking stock groups. We also have $1.1 billion of undrawn margin loan capacity at the parent level. Note that a portion of our cash will be used in 2021 to repay our 2.25% Live Nation exchangeable bonds. Based on the fair value of the bonds at quarter end, the amount of cash used would be $514 million. As of May 6th, the value of the Sirius XM stock held by Liberty Sirius XM Group was nearly $19 billion, and the value of the Live Nation stock held was $5 billion. We have $3.2 billion in principal amount of debt against these holdings. Total Liberty Sirius XM Group attributed principal amount of debt is $13.2 billion, which includes $9 billion of debt held directly at Sirius XM. Formula One Group had attributed cash and liquid investments of $1.4 billion at quarter end. This excludes the $429 million of cash that's held directly at the F1 OpCo. Post quarter end, Formula One Group received the additional $384 million that we just discussed in proceeds related to the Live Nation call spread. Total Formula One Group attributed principal amount of debt was $3.6 billion, which includes the $2.9 billion of debt held directly down at F1, leaving $724 million at the corporate level. F1's $500 million revolver remains undrawn. Please note that during the three months ended March 31, 2021, F1 began reclassifying certain components previously reported in other revenue into primary F1 revenue to better align with the way management currently evaluates the business. Components reclassified in the primary F1 revenue generally relate to F1 TV subscriptions, certain F2 and F3 related fees, broadcast origination and support fees, and digital advertising, among others. Additional detail on this reclass, including the impact to the years ended 12/31/2019 and 2020, can be found in Schedule 3 to our earnings release, which will be posted on our website. At quarter end, the Braves Group had attributed cash, liquid investments, and restricted cash of $218 million and attributed principal amount of debt of $676 million. Liberty and our consolidated subsidiaries are in compliance with their debt covenants at quarter end. With that, I'll turn it over to Stefano to discuss Formula One. Thank you, Brian, and good morning also from my side. 2021 has begun with huge energy and momentum. In the past few weeks, we announced our second race in the U.S. in Miami Gardens, with a huge and positive reaction from our fans, the teams, and all our partners. Adding a second race in the U.S. starting in 2022 provides a great opportunity for our sport, and will ensure we continue to increase our strong focus and fan growth there. Last week, we announced that we'll have Saturday 100-kilometer sprint qualifying formats at three races in 2021, following unanimous support from all the teams. The events will be exciting for all our fans, provide more on-track action over a race weekend, and give our partners and the teams greater commercial opportunities. Silverstone, one of the venues for the new format, already reported a surge in ticket sale following news that they would be hosting one of these events. We have announced the three-year extension of the Japanese Grand Prix. This has always been an important race for Formula One. We cannot wait for the fans to cheer on their own Yuki Tsunoda. We have extended our partnership with the Canadian Grand Prix by two years and welcome the news announced last week by Bell Media as entering into agreement to acquire the Montreal-based Canadian race promoter Octane Racing Group, which is a great news for the long-term future and development of the race in Canada. While the global situation is still fluid to the COVID-19 pandemic, Formula One has shown it has the ability to overcome the issue thrown at us and continue to race safely. Just last week, we provided this to be the case. While we are not able to race in Canada this year, we have secured a replacement race in Turkey at short notice, meaning we have not reduced the number of races in the calendar for 2021. It is very exciting to see the level of interest from both the new and historic locations to host a Grand Prix, and this gives us possible options, if required, for 2021, but also good opportunities for the future. We have had very good conversations with all our promoters, and all of whom expect the races this season to go ahead as planned. Just this week, we have had the confirmation that 1,000 fans will attend here in Barcelona, the Spanish Grand Prix, and that Monaco will welcome approximately 40% of the capacity to the grandstand for the race in two weeks' time. Alongside the busy start of the year off the track, the racing on the track has been equally exciting and dramatic. We kicked off our 23-race season in Bahrain and have had three thrilling races to date with close battles, overtaking, and the pack closer together than in the recent years. As Ross Brawn has mentioned, with this battle for the championship playing out, this could be a golden year for Formula One. The season opener in Bahrain did not disappoint, with Verstappen securing pole position. It was a thrilling race between Max and Lewis that was only decided in the final laps. There were also strong showings by Norris and Perez, and the Japanese rookie Yuki Tsunoda scored points in his first F1 race for AlphaTauri, and it looks like he has a promising career ahead. The battle for first continuing to Imola, where Max had an amazing start off the line in the rain and carried through for the win. Impressive given he started in third behind his new teammate, Sergio Pérez. Lando Norris made up for a mistake in qualifying and secured a spot on the podium, showing the continued strength of McLaren. Last weekend in Portugal, Mercedes fended off a stern challenge from Red Bull as Lewis Hamilton clinched a hard-fought victory in Portugal. With Bottas starting on pole and Lewis ahead of Verstappen in second, the start of the race saw the Red Bull get past the Mercedes of Hamilton before the seven-time champion pulled off brilliant overtakes on both his teammate, Bottas, and Verstappen to clinch victory. It once again shows that there is a real battle underway for this year's title, and we are only three races in. The competition for the third is also fierce in the constructor standing. McLaren is making the early pace, but many teams in the midfield have something to prove, and it is great to see Ferrari hitting its stride again. The spectacle of Formula One is resonating with fans, and engagement is very high. To date, we have data for the first two races across the 24 principal markets we monitor, and this shows TV viewership growth over both 2020 and 2019, with particular strength in Italy, the Netherlands, France, the U.K., the USA, and Spain. On the digital front, unique users for F1 web and app have been up 77% on the equivalent rates in 2020, and social engagement has also increased with over 30 million interactions in both of the first two race weeks. We continue to grow our social media following, reaching 36.5 million after the Emilia Romagna GP, up from 35 million at the prior year end. F1 TV, our OTT product, has also started the second strongly with a record viewing. Peak concurrent viewers each race weekend are around three times higher than the 2020 season average, and engagement measured by the minutes viewed over the course of the weekend is up more than 60% on last year. We launched an updated version of the app for the season that provides many additional features, including high video quality, and allows fans to control the viewing experience. This new version also makes it easier to find content in our collection, which includes over 2,000 hours of footage and coverage of every Grand Prix in the last 50 years, along with our latest series, F2: Chasing the Dream. F1 TV is now available in 188 territories, with the premium F1 TV Pro available in 85. Season 3 of Drive to Survive debuted on March 19th and continues to build mass global popularity for the sport, reaching number 1 on Netflix in 27 different countries and also globally. On an almost daily basis, we hear anecdotes about how the show has brought in new, non-typical fans. It was great to revisit the 2020 season and see the backstory of the virality of many driver changes. I do highly recommend episode nine, which is terrifying, exhilarating, and inspiring. The show was nominated for a Sports Emmy for Outstanding Series Sport Documentary and made the short list in the documentary category for the U.K. Broadcast Awards. Heading into the season, we have had numerous sponsorship announcements. We were pleased to renew our global partnership with DHL, a relationship which now spans across several decades. This extended partnership will include enhanced involvement in F1 Esports Series and the presence of F1 digital channels. As official partners, we welcome Zoom, Mercedes Aston Martin as a safety car provider, and Ferrari Trento, the official toast of Formula One. In addition, we announced Head & Shoulders and Drive Coffee as official suppliers and welcomed Global Citizen as charity partner for our We Race as One initiative. We continue to engage fans through esports and had a very successful series of virtual Grand Prix during the off-season. Current drivers, along with former stars and future prospects, competed to win a share of the $100,000 prize fund in their charities. As part of the continued effort to improve diversity and inclusion in Formula One, as part of our We Race as One initiatives, we announced a female-only qualification route for the F1 Esports Series Pro Championship. This is our first female-only competition, and we hope it will encourage more drivers from the passionate and the talented female sim racing community with the goal of becoming the first-ever female driver to be signed by an official F1 Esports Series team. In closing, Formula One is off to a strong start in 2021. Building off the foundation put in place the last few years, the ecosystem is absolutely strong and the competition on the track is thrilling. I want to thank all the dedicated employees of Formula One for their continuous diligence and hard work, and I hope you will watch the Spanish Grand Prix this weekend. Now I turn the call back over to you, Greg. Thank you very much. Thank you, Stefano, thank you, Brian. To the listening audience, we appreciate your continued interest in Liberty Media. Hope you all stay healthy and safe. With that, operator, we will open it up for questions. Thank you. If you would like to ask a question, again, please press star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, that is star one to ask a question. We will now take our first question from Jeff at Pivotal Research. Please go ahead. Your line is open. Good morning. I had one on Sirius XM and one on Formula One. Greg, at 77.3 ownership stake in Sirius XM, all else being equal, you're probably going to cross over to 80+ in the third quarter, and your dividends go tax-free. Just wanted to get your latest thoughts on whether Sirius XM is going to raise their dividend materially. Are you happy with the status quo and letting your buyback sort of continue to ride higher? On F1, just was wondering about the color on how the $145 million cost cap is going relative to your expectations. Thanks. Well, I'll take the Sirius XM, and then I'll let Stefano speak to the cost cap. On Sirius XM, look, I think that their pace may be just slightly aggressive, Jeff. I think it might be, depends on the stock price and where Sirius XM's buying, but it might be in Q4. Somewhere in one of those two quarters, we're likely to pass 80. Obviously, any dividend policies that are put aside and will be decided by the full board there, but we have lots of alternatives in which we could either take advantage of those dividends to continue to go after the discount at Sirius XM, at LSXM rather, if Sirius XM were to increase the dividend. Potentially sell into that buyback, hold ourselves above 80 and use the capital to buy back our own stock. There are really multiple ways to get at the same result, which is we're going after the discount. Whether it's through their dividend increasing or us selling the buyback, we will be attacking the discount. Stefano, let me turn it to you about the cost cap. Thank you, Greg. I mean, Jeff, as you know, cost cap has been one of the most important and significant things that Formula One introduced this year. This has had an effect, not only because of the savings that the teams will make in the future, but also in the change of mentality that the major team has to apply with the organization to make sure that they can really be effective with a different line of expenditure. This is just the first step into a new way of managing sport in Formula One. I think that, if I see what is happening around the world, that everyone is focused just on the revenue side. I think that Formula One has just started a path that is on the other way around. Of course, revenue is crucial, now we have just taken the first step into the cost cap. We're going to take all the cost cap in other areas that are not closed in this moment as the engine for the future. We are pretty sure that these are also the problems of the team. This has been a huge step in making sure that the Formula is sustainable for its future. All right. Thank you. Thank you. We will now take our next question from Dan at Morgan Stanley. Please go ahead. Your line is open. Hi. Good morning. Greg, just on the cash balance at Liberty Formula One, I think it's $1.8 billion and all signs point to a strong year ahead. I'm just wondering at what point does that become excess cash in the eyes of Liberty? Then Stefano, I have a couple of questions around drivers, which I'm wondering if you could humor me a bit. I have gotten questions from investors around the retirement of Lewis Hamilton and Vettel and what that might mean to the sport and sort of the business. I know they're coming back. I think they're coming back for next year at least. As you think about that and sort of the outsized impact they have on the sport, how would you suggest we think about it, if it matters, and how you manage that? I was curious, Miami, obviously a huge opportunity and the whole U.S. market as well. Is an American driver important in F1 in terms of driving popularity here in the U.S., and do you have any expectations that we might see one anytime soon? Thank you. On the cash at Formula One, really at the holdco level, FWON level, I think a couple things to note. First of all, we put that cash in place to ensure the health of the whole ecosystem, not only the Formula One business that we own, but really the teams and to ensure that we had liquidity, and we did use some of that liquidity for some teams during the pandemic. We still have uncertainty about exactly what our revenues will be in 2021. You've heard already, we've had to cancel, for example, Canada and put Turkey in. We are getting paid for that, but those are at way reduced levels compared to what we would get if we had full fans. We have a fairly large contingency in our own budgeting for the potential that we will not get the kind of revenues that we hope, and therefore, that cash is useful. You may also know that we committed, in the forward purchase agreement with LMAC, the SPAC, that at least $250 million would go towards the PIPE in any transaction if we were to complete one. I think we're going to see potential for opportunities in that market that could be attractive to us as the SPAC market gets more turbulent. That plays to, as I mentioned earlier, our strengths, and we may want to put some of the cash in that. As the year progresses and we get more certainty about promoter revenue, we will look at what we do with that cash and how to utilize it, and what is the most efficacious way to deliver value to our shareholders. If I may now, Greg, to the question related to the drivers with regard to Lewis Hamilton. For sure, Lewis Hamilton is a great asset. He's doing an incredible job on the sporting side and in terms of image. He was able to grow the Formula One in other areas where not really specifically related to Formula One. Formula One itself is strong. Drivers, champions, are always in a place where one day they may retire. I don't know what Lewis will doing. We are talking with him, but of course, now it's focused on his actual season. He's fully boosted to make sure that will be the only driver that is going to win the eight titles in the history of Formula One. Formula One is solid and robust. For sure, whatever will be the decision of Lewis, Formula One will react, and we'll move forward. The good news is that if Lewis, as we all hope, will stay, he will have an incredible season in front of him with the new cars, with a new challenge, and for sure, this will may be very interesting of him. If he will decide a different way around, the good news is that in Formula One, we have so many good drivers today that at least the challenge and the chance will be even stronger. Of course, whatever will be the decision of Lewis, we will respect, but Formula One is really solid and strong. With regard to Miami, with the American drivers, if it is important, the answer for me is very clear, is yes. We are working with teams, try to understand what is really the possibility for American driver to come to the attention of Formula One team in the short term. This could come. I don't see that being very pragmatic and realistic coming in the next two, three years, but maybe after, yes. I know that there are teams watching the good drivers that, if they're ready, will be a big boost for the American fans. As we know, faces, drivers, they put enthusiasm, passion. The people wants to see these guys. Therefore, the hope that we have is that very soon we have an American drivers competing against all the others in the Formula One Championship. Thank you. Thank you. We'll now take our next question from Bryan Kraft at Deutsche Bank. Please go ahead. Good morning. Hi, thank you. Good morning. Would you be willing to size the one-time settlement impact on the first quarter Formula One revenue for us? Then separately, it's great to see Miami on the calendar next year. I know it's something you've been working on for three or four years. What can you tell us about your plans for the event, maybe contrast it to Austin, and how significant do you think it will be for growing the sport in the U.S.? Related to that, your broadcast contract with ESPN is up for renewal, I believe, after next season. How are you thinking about the opportunity with ESPN, given their focus on ESPN+, with now Miami in the calendar and also just the general progress you've made so far in growing in the U.S.? Thanks. I'll let Brian Wendling talk about one-time events in the first quarter revenue. Then I want to weigh a little on ESPN. I'll let Stefano Domenicali as well. Brian Wendling, start. Yeah, as it relates to the settlement, we can't comment on the specific details, but it did impact our results. Obviously, when you look at the year-over-year results, the fact that we had the one race versus zero last year and the proportionate revenue recognition was the material driver of that. We can't comment on the specifics related to settlement. On the issue of the U.S. and ESPN, look, when we put that up among the various broadcasters and alternatives a little over a year ago, Chase and I was in total agreement, had the belief that we were going to grow in popularity in the U.S., our hand would be strengthened. Due to both now doing Miami and doing Drive to Survive and all the other things that we have going on, from fan festivals to digital engagement, all those are building our interest in the U.S. As Stefano noted, in many groups that heretofore have not been interested. I have people coming up to me who say, "I'm obsessed with Formula One because of Drive to Survive," who were not our typical audience. Women, teenagers, many different kinds of audiences that are expanding, which is great. When we did that, we took a shorter deal with ESPN that had a broader set of exposure for us in terms of their eyeballs. It was not the highest current deal we could get, and it was not the longest deal we could get. In fact, it was the opposite. It was the least amount of money, the most amount of eyeballs in the shortest period of time, because our belief was that we would have a much stronger hand as we went forward among the various bidders. I think that is a good bet. It's one that we are winning, and all the reasons I outlined before, I think we will be much strengthened when we go to renew against that ESPN and other alternatives. Stefano, what might you add? Yeah, absolutely, Greg. I think that the good news is that we are talking about another race in U.S., Miami, with different culture, with a different philosophy, with a different way that we're going to structure the show around it. The incredible news that in just a couple of weeks after our announcement, the attention with regard to this event is really massive. The expectation of getting at the level that we want. This is the reason why we are building a good series of communication, a good series of program in terms of communication with the American community, because we want to maximize everything out of it. I can anticipate, for example, one thing that it would be fantastic, we're going to share with the stadium Miami Gardens and with the Miami Dolphins, the race in Monaco because they want to start living the atmosphere. This will provide us the right platform in order to be ready to make sure that the value that we're going to generate from U.S. will be even higher. That's really the fundamental strategical thinking behind the fact that we're going to have two race in United States. Great. Thank you so much. Thank you. We'll now take our next question from Vijay at Evercore. Please go ahead. Hi. Good morning. I have a couple questions on Formula One, primarily probably for Stefano. When you think about race promotions this year, obviously you have 23 races, but with or without fans and different proportions of fans, how should we think about that? Are you getting full promoter revenues? Are you splitting some of it based on fans or getting none and hosting the race? Any sort of thought, because that's sort of the segment that has the most variability. We've been seeing a lot more press releases coming out on sponsorship on Formula One with the new sponsorship head. Is there a resurgence on that, or is this that sort of more like a formalized process of letting us know on what's going on? That seems to be probably one of the biggest growth drivers for the business long term. Finally, one for Greg. Maybe it's a little premature, Formula One becomes an ATB in January next year. You'll have Braves as an ATB. Any thoughts on what structurally you could do or would like to do, if you can share? Thanks. Thank you, Vijay. The first question related to the fact that, of course, we have a situation that is evolving with regard to the attendances of the people at track. Greg has already mentioned the things that we need to monitor race by race, case by case. The more we're going ahead and the more it's likely that the opening up to the fans will not have a direct effect on the revenues. We have also content that we cannot get into the stage where with all respect, the attendance of the people has no influence on what would be the effect on our earnings. It's really a mixed situation, but we need to evolve and manage it. I didn't get the question with regard to the sponsorship, Vijay. Can you repeat that for me, please? Yeah, Stefano, there's been a lot of announcements, Zoom and bunch of other sponsors you've announced more recently. I'm just trying to understand, is there sort of a resurgence in sponsorship in Formula One more recently, or is it sort of just better disclosure for us. No, it's just to show the fact that the interest to Formula One is getting back again at the level that we really believe is the right one. The fact that despite the pandemic situation, there are big companies that are willing to engage and be our partners is a great sign of trust on what we are building as the future. We need to expect this approach even stronger in the future. As far as structural changes, we have no plan or intent today. Obviously, having a second ATB today, the only ATB we have at Liberty Media is the Braves. Having a second ATB gives us flexibility if we want to create other spins, but we have no plans today. Great. Thanks so much. Thank you. We will now take our next question from David at JP Morgan. Please go ahead. Hi, thank you. On F1, we've seen Disney move to shut down its Star Sports channels in parts of Asia. Interested to know how this impacts you first directly, as I believe they carry the series, but at a higher level, how you think this pivot to streaming will impact demand for sports content in some of those regions. Maybe separately, Stefano, as you noted, viewership seems to be at a nice uptick through the races so far. Would be interested to get your thoughts on how much you attribute this to the Red Bull-Mercedes dynamic versus the actions that you've taken off the track, like Drive to Survive, like the social media outreach. Well, if I may start from the second, David, it's clear that the better show, it's a better engagement and better entertainment for the people. There's no doubt. The thing is that is one element. The other element is the fact that we really are engaging with more people that are in love with Formula One. Therefore, the fact that we are able to attract other people through different way of languages that we're not used to use before, I think is also helping the fact that the viewership and the engagement in many cases, because about not only the TV, we are talking about social media platform and other element of OTT, is showing that there is a lot of attention, a lot of interest. For sure, what is happening on the track is very, very important. There's no doubt about it. This is for sure a good sign for us. I would totally agree. Stefano, why don't you comment on the rest of it, and then I'll add. First part. Sorry, Greg, the line went off on my side. David, you want to repeat your question? Because I don't think we covered it all. Sure. The question was about Disney and their move to shut down Star Sports I think in parts of Asia. Just wondering how that impacts- Oh, yeah. you directly, and then just your higher level thoughts. Yeah the pivot to streaming and kind of what that means for demand. Stefano, why don't you start commenting and then I may have some views. Thank you. Yes, absolutely. Thank you, Greg. David, we have, of course, as you know, agreement in place, so we are expecting for that to be totally enforced. We don't see that as a problem. We see actually a big opportunity to the growth of the TVs and the engagement figure in that part of the world to find other solutions that we are working on, of course. On this year, financially, we don't expect anything that will happen. I think more broadly, if you think about it, more platforms is a positive for us. Yes, some of the legacy platforms may decline or even be eliminated, but in general, we're seeing new platforms created. That's an opportunity. The way that here in the U.S., when satellite came, eventually when Fios and other fiber alternatives came, that created upwards pressure on content costs because of the bidding. I think we'll see the same opportunity in what we do worldwide at Formula One. Usually, we'll have a trade-off on exposure, which free TV offers, against, in many cases, higher short-term rates for either over-the-top platforms or even more streaming platforms. Excuse me, platforms like satellite or streaming platforms. We'll weigh our total dollars available against the exposure that we get for things like generally promoter value and advertising and sponsorship. I'm not so worried about these sort of slower growth platforms being cut out by people like Disney. I'm much more excited about the opportunity from the digital platforms, particularly as they gain scale. Thank you. Thank you. We will now take our next question from David Beckel at Berenberg. Please go ahead. Hey, thanks a lot. Great, thanks. I've two on F1. Just wanted to talk a little bit about the sprint race format. Maybe get a little bit of the thinking behind that. It obviously adds incremental value to your partners. More specifically, as it relates to future economics, do you expect this to add to the value you receive from your partners, or is it more a part of just adding value to existing agreements? Secondarily, going back to the U.S. market and with the TV deal in play in a few years. I'm sure you paid attention to what WWE did with Peacock. I'm wondering if there's potential to sort of leverage the F1 TV over the top platform in a way that can sort of augment the broader value of your U.S. broadcast and overall TV distribution rights. Thank you, David. With regard to the sprint format, I think it will be beneficial to everyone. If I had to answer straight away to the last part of the question, of course, we expect to have more value out of it. First of all, there is action that will be very positive in terms of effect to the organizers. From Friday to Saturday to Sunday, there is something to talk about. A lot of action, a lot of intensity. That is something that, of course, this will have a direct effect on the people that will attend the race. This has been welcomed by all the organizers in a very positive way. On top of it, of course, that's something that we are offering to our media partners because we can create new content. We can generate other form of entertainment in adding a new format that has been never deployed before. Also to the partners that have the chance to, and the privilege to be in the grid for two times also on Saturday, even if the format will be different, of course, because the center of the weekend will be the race on Sunday. This is something that we believe that will have also an impact on the financial point of view, on top of adding the excitement of what this racing is all about. With regard to the U.S. market, the TV deal, and the leverage related to all our tools, we believe that this will enable us to discuss in the future even a different way of integrating our F1 TV OTT platform that is going very well in the future. Therefore, that will allow us to benefit from the fact that the market will be interested in our sport. The commitment will be very big on our side to make sure that this will happen. Yeah. If I could add to what Stefano said on that, I think we certainly watch what WWE did with Peacock, and I think it's somewhat indicative of the longer-term trend. Very few sports, I believe, have enough content to run their own over-the-top service as their primary vehicle. There's just not enough content. If you look at WWE, they have tonnage, certainly compared to us. F1 TV is a great asset for connectivity with fans and for connectivity in particular with our most hardcore fans. I don't believe it supplants our traditional broadcasters or other over-the-top broadcasters who are looking for a broader set of content and relationships. I think we certainly watch that and it's consistent with our view, and I do believe we'll see that kind of opportunity with larger digital platforms, and F1 TV can be a part of the solution with them, as you know. Great. Thank you. Thank you. We will now take our next question from David Joyce at Barclays. Please go ahead. Thank you. Two topics. One is just another clarification on the promotion. When you say it was one time, does that mean it was just one promoter or are there any others lingering out there, and was it within the range of a typical promotion fee? Secondly, on sponsorships, how should we think about the range of sponsorship types of contracts? How many are based solely on particular races versus the proportion of revenue that is really allocated across the season? Are there any other types of sponsorship structures? Thank you. I can do the promoter piece. It was one race. That's disclosed in our earnings release. As it relates to the typical range of a promoter agreement, we have a wide range. It falls within that range, yes. David, with regard to the sponsorship, the range, of course, depends on what is the package that we have. We have official partner and we have other kind of relationship, all are related to really the rights that they're going to have. We have different packages, but are all consistent with the season, with all the club championship, and not related to the single event itself. All right. Thank you. Thank you. We will now take our next question from John at Gabelli. Your line is open. Please go ahead. Hi. Thank you. Switching gears. Sports gambling is hot. You probably saw, I think DraftKings, Swing and so on. What are the benefits you might see from your RSN with Sinclair or Bally as it is now? Is there anything that could actually help you? John, I'll take a shot at that. I think that those benefits are going to be secondary and not primary. You'll have increased fan engagement. There may be, Georgia is soon to open, it appears, gambling will become legal in the near term in Georgia. It's not today, but it has been on the ballot, and it looks fairly favorably inclined in the coming cycles. I think that will provide us some marginal revenue opportunities there, but I don't view it as a huge revenue line for us directly. I view it secondarily the interest, and if we and baseball MLB can capitalize on that more broadly, I think it just continues to draw us the fans. Not clear that it's a revenue line on the P&L directly. Just as a second broader question on sports, you've probably seen some of the disruption in England where the fans became engaged. About around the Super League you're saying? Yeah, just generally, a fair amount of disruption there. A lot of talk of PE companies buying into Serie A, nothing happening. Is that an area where you might see some opportunities, or is the fact that a soccer team can be relegated just makes it too risky? No, John, we have looked at as many of those opportunities as we can possibly find. We do think it's interesting. We can debate what's going on at each of the various leagues and where they stand in terms of their cycles on monthly broadcast revenue and other kinds of opportunities. We do look to our experience both at Formula One and the Braves and what we'd like to think we have done positively with the league at Formula One and what we'd like to think we've done positively around things like Truist and The Battery and think about how we can apply the skill sets that are inside Liberty at various opportunities. We tried to sell that we have been a good and long-term strong owner, perhaps different than some of the other Americans have been perceived or how PE has been perceived. We haven't yet found the intersection of where somebody wants us and we want them, but we continue to look. I do think that disruption over there does create opportunity. We watched the Super League with interest because before we were involved with Formula One, there was certainly the talk of a breakaway at Formula One, which did not come to pass. We feel very confident. We understand breakaways very well, and I think we pretty much eliminated that opportunity or potential at Formula One as a side note. Thank you. Thank you. We will now take our final question for today's conference from Matthew at Benchmark. Please go ahead. Oh, thank you. Even apart from Max Verstappen literally banging wheels with Lewis Hamilton, although they seem relatively cordial off the track, he probably had the most competitive season since I think 2012. Ferrari's coming back, McLaren, Lando Norris, et cetera. I was just curious, you've got a broad suite of changes coming next year to make the competition on the track more competitive. Does it give you any pause that you're making a lot of these decisions next year, even if this year seemingly is proceeding so strong right out of the gates? Would you have any incentive to reassess the changes, or just continue to roll on? Well, Matthew, the changes have been already discussed. The teams are already working on new cars and new regulations, the train has already left the station. We are very pleased because we are convinced that this year is already a great season, but next year, with the changes that have been planned, will be another great opportunity to showcase what is Formula One in terms of the ability of always keeping the attention at the center. Therefore, there's no other things but checking everything in terms of all the details to make sure that the changes will be massive on the cars next year, will highlight the possibility to have a bigger fight, not only two or three drivers, but even more. That's the objective. Thanks, Stefano. Really riveting. Thanks. Yeah, thank you. Just look, we're lucky this season's great. The work that was done in the Concorde Agreement by Chase and Ross Brawn and others, we hope to only increase the competitive next year. We're very excited, as Stefano noted, about what's going on now and even more excited about what we can do in the coming years. I think with that, operator, we are done for the day. Thank you very much to all of you listening out there for your interest in Liberty, and we look forward to speaking with you again next quarter, if not sooner. This concludes today's call. Thank you for your participation. You may now disconnect.