Liberty Tripadvisor Holdings (LTRPA) Goldman Sachs Communacopia + Technology Conference 2024 summary

Portfolio strategy and recent activity

• Refined portfolio focus with major transactions, including the acquisition of MotoGP and the spin-off of the Braves.

• Completed the Sirius transaction, with Liberty no longer directly involved but maintaining significant shareholder presence.

• Emphasis on live events and experiences, shifting away from traditional video assets.

• Ongoing evaluation of new opportunities, especially in sports and live entertainment.

Media and technology convergence

• Tech companies have outpaced traditional media in scale and global reach, fundamentally altering the industry landscape.

• AI may bring some cost savings to content creation, but is unlikely to dramatically change the competitive landscape.

• Streaming remains a volatile business with high content costs and easier customer churn, unlikely to match the stability of the cable bundle era.

Sports rights and growth opportunities

• F1’s ESPN deal runs through 2025, with future media rights negotiations considering both streaming and linear platforms.

• F1 seeks broad distribution to support sponsorships and audience growth, with a preference for shorter, flexible deals.

• Sports rights pricing varies by sport; fragmentation in distribution may challenge long-term growth.

• Women’s and youth sports present significant growth and monetization opportunities.

• College football is under-monetized compared to the NFL, with potential for narrowing the revenue gap.