Atlanta Braves Holdings (BATRK) Investor Day 2024 summary

Strategic vision and structural changes

• Announced further simplification with the spin-off of Liberty Live, resulting in two asset-backed public companies: one focused on motorsports (Formula 1 and MotoGP post-acquisition) and the other on live entertainment (Live Nation, Quint, and related assets).

• Liberty Media will become a pure-play motorsports entity, while Liberty Live will house live entertainment assets, aiming to reduce NAV discounts and increase liquidity.

• The Charter and Liberty Broadband combination will rationalize dual corporate structures, with GCI spun off to shareholders, unlocking additional value.

• The organization is shifting from tracking stocks to asset-backed securities, marking the end of an era and providing greater transparency and simplicity for investors.

• Board realignment will focus on supporting Formula One growth and assembling a diversified portfolio for long-term shareholder value.

Formula 1 and MotoGP business momentum

• Formula 1 achieved record revenue and OIBDA in 2023, with continued growth in 2024, driven by high demand, expanded fan base, and strong sponsorships.

• Contracted revenue at F1 reached $13.1 billion as of Q3 2024, up from $11 billion the prior year, with long-term contracts providing visibility.

• F1's fan engagement is at an all-time high, with over 6 million expected in-person attendance and strong digital growth, especially among younger and more diverse audiences.

• MotoGP acquisition is on track for regulatory approval by year-end, with the business showing 36% revenue growth from 2021 to 2023 and expanding its global footprint.

• Both F1 and MotoGP are positioned for high free cash flow conversion, with MotoGP offering higher EBITDA margins due to a fixed team payment structure.

Commercial and brand development

• F1 has secured major new partnerships, including LVMH, and expanded its sponsorship pipeline, with sponsorship revenue up 16% CAGR since 2019.

• The Las Vegas Grand Prix set a benchmark for economic impact, generating $1.5 billion for the city and serving as a model for future events.

• F1 continues to innovate with new fan experiences, digital content, and licensing ventures such as F1 Arcade and F1 Exhibition, targeting both premium and mass-market audiences.

• The upcoming F1 film, produced by Jerry Bruckheimer and starring Brad Pitt, is expected to further boost global brand awareness and attract new audiences, especially in the U.S.

• Data and analytics investments are deepening fan segmentation and engagement, supporting personalized marketing and enhanced value for partners.