Off to the (24) races: F1 is capitalizing on its growing audience

9/20/22 8:00PM

Off to the (24) races

‍Yesterday, Formula 1 announced their race calendar for 2023, which will feature a record-breaking 24 races and take drivers, teams and thousands of support staff further than ever before in a season spanning March to November. Bought by Liberty Media in 2017 for $8bn, the Formula 1 Group has taken a number of steps to widen its appeal beyond its hardcore racing fanbase since coming under new ownership.

The quick pit-stop version of the story is that those steps worked, as F1 is having a global moment. The release of the popular Netflix series Drive To Survive — and a nail-biting controversial end to the 2021-22 season — saw viewership and online interest for Formula 1 explode in recent years. That's been particularly true in the US, a market which historically hasn't cared much for racing beyond NASCAR.

Suffice to say, the F1 group is capitalizing on this renewed interest in the sport that’s been around for 70 years. The record-breaking 24-race schedule includes a stop in China, the first following a three year hiatus, and the inaugural Las Vegas Grand Prix — the third race scheduled in the US. No other country has more than 2 appearances on the calendar, F1 is finally cracking America.

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Paramount reportedly receives $24 billion from Gulf funds to back its Warner Bros. takeover

Three Middle East sovereign wealth funds have agreed to back Paramount’s takeover of Warner Bros. Discovery to the tune of roughly $24 billion, according to Wall Street Journal reporting.

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.

According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.

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The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.