Oct. 20 at 5:46 PM
Morgan Stanley analyst Benjamin Swinburne said Monday that Liberty Formula One’s new five-year U.S. streaming deal with Apple TV is a calculated bet, offering global exposure and platform expansion but limited short-term financial upside.
Swinburne noted the deal’s five-year term and inclusion of F1 TV were unexpected, adding that the financial impact is “immaterial to our published estimates.” Combining U.S. media rights with F1 TV revenues, the firm estimates an effective annual value multiple of about 1.1x and a CAGR of ~3%.
Under the agreement, Formula 1 will shift its U.S. coverage from ESPN to Apple TV — a move that poses audience risks but could benefit from Apple’s promotional reach. Apple’s growing sports presence, including MLS rights and its successful Formula 1 film that grossed around
$630 million globally, likely influenced the decision.
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