FWONK

LONG

LIBERTY MEDIA CORP DEL

Funds

Score

4.50

vs SPY

-9.5%

Stock return (since Q-end)

+6.8%

SPY return (since Q-end)

+16.3%

Current price

$90.79

News Summary

Negative

FWONK delivered a strong Q1 2026 earnings beat with F1 revenue surging 53% to $617M and EPS of $0.03 vs. consensus loss, but this was significantly overshadowed by the cancellation of Bahrain and Saudi Arabia races due to geopolitical tensions, which will cost approximately $70M in adjusted OIBDA and reduce the 2026 calendar to 22 races. While management is confident in long-term trajectory and secured new sponsorships/broadcast deals, the near-term financial impact is material and multiple analysts lowered price targets in response.

Red flags

•Bahrain and Saudi Arabia race cancellations estimated to reduce adjusted OIBDA by ~$70M against street consensus
•2026 F1 calendar reduced to 22 races vs. 25 in 2025, creating unfavorable year-over-year comparisons
•$118.5M in race promotion fees and $93.7M in sponsorships lost from two cancelled races
•Analyst consensus shifted negative post-cancellations: Evercore lowered PT from $124→$120, UBS from $107→$104, JPMorgan from $122→$115
•Stock dropped nearly 12% on geopolitical news despite Q1 earnings beat, signaling investor concern about execution risk
•CLO compensation increased ~$4M to $7.8M in 2025, raising governance concerns amid financial headwinds

Funds Buying (3)

Fund	Manager	Shares Held	∆ Shares	Position Value	QoQ	Status
Tiger Global	Chase Coleman	2.7M	+2.7M	$228.0B	—	NEW
Point72	Steve Cohen	1.7M	+1.7M	$143.3B	—	NEW
Soros Fund Management	Soros Family Office	247K	+247K	$21.0B	—	NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter.