F1, partnership expansion into fashion and insurance sectors... Can Liberty Media sustain its performance growth momentum?

The commercial expansion of Formula 1 (F1) is accelerating further. Free Media ($FWONA, $FWONK) announced that F1’s sales reached $3.9 billion in 2025, and fashion brand Pacsun ($FWONA) launched the “2026 F1 Miami Grand Prix Series.” Insurance broker Dacian ($MMC) also signed a multi-year partnership with F1, further expanding the business ecosystem.

Pacsun released an official collection of 30 products in conjunction with the Miami race weekend. The collection includes men’s and women’s graphic T-shirts, lightweight jackets, and highlight items, characterized by combining racing sport details with streetwear silhouettes. Prices range from $16 to $100, approximately 23,600 to 147,500 Korean won. The products will be sold exclusively at Pacsun brick-and-mortar stores and online.

In the field of insurance and risk management, F1’s commercial value is also increasingly evident. Dacian announced it was selected as F1’s first “Official Risk Partner” and “Official Insurance Broker Partner.” Through this partnership, Dacian will operate on-site brand displays, invitation programs, and a digital channel content series called “Risk Perspectives.” The company plans to leverage this to promote its brand and risk analysis capabilities to over 827 million F1 global fans.

Free Media Performance and Schedule

The core business of Free Media also shows growth. According to company data, F1’s sales in 2025 increased by 14% year-over-year to $3.9 billion. Operating profit was $632 million, up 28%; adjusted OIBDA was $946 million, up 20%. At an exchange rate of $1 to 1,475 KRW, F1 sales amount to approximately 5.7525 trillion KRW. Meanwhile, MotoGP’s nominal sales were $573 million, with an operating profit of $54 million, representing growth of 14% and 86%, respectively.

Fan metrics also performed steadily. In 2025, F1’s live audience reached 6.75 million, a 4% increase; MotoGP’s audience was 3.66 million, up 21%. Free Media explained that growth was driven by new race contracts, broadcast rights renewals, and expanded sponsorships. On December 15 last year, Free Live Holdings ($LLYVA, $LLYVK) also completed its spin-off.

The company’s key schedules are also approaching. Free Media will release its Q1 earnings before the market opens on May 7, 2026, and hold a conference call at 10:00 a.m. Eastern Time on the same day. Subsequently, an annual shareholders’ meeting will be held online at 11:45 a.m. Mountain Time on May 11. Free Live Holdings also plans to hold a virtual shareholders’ meeting at noon on the same day.

Management investor activities are also scheduled. Free Media President and CEO Derrick Zhang will deliver a speech at the JPMorgan Global Technology, Media, and Telecom Conference in Boston on May 19. Previously, the company announced its participation in Morgan Stanley’s Technology, Media, and Telecom Conference in March.

On the other hand, Free Live Holdings signed an agreement to exchange approximately $57.53k of 2.375% exchange bonds for new bonds of equivalent principal. Under normal settlement conditions, the transaction is expected to be completed around March 20, 2026.

F1 has now transcended mere competition, showing a trend toward integrating “content, fashion, brand collaborations, and finance” into a comprehensive platform. The growth in Free Media’s performance and the continuous cooperation with external companies indicate that F1 is becoming one of the most commercially valuable assets in the sports industry.

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