F1 owner Liberty Media ticks down after announcing convertible deal

Liberty Media

10/08/2026 16:56

** Formula One tracking stock FWONK.O tied to Liberty Media down 0.2% to $102.68 on Mon after planned capital raise announced 
** Liberty Media early Mon said it's offering privately $600 mln convertible bonds (CBs) due 2032
** At co's election, the CBs will be convertible into cash, Series C stock (FWONK) or a combination; there are ~224.3 mln Series C shares outstanding
** Liberty Media expects to use net proceeds to enter capped call transactions related to its 2.25% CBs due 2027 and for working capital and general purposes, including repayment of the 2027 CBs
** On Thurs, Formula One reported a 38% yr/yr decrease in rev to $764 mln in Q2 due to four fewer races; Liberty's overall Q2 rev of $934 mln slightly missed analysts' estimate of about $941 mln, per LSEG data
** FWONK stock up 4% YTD
** 11 of 13 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $117.50

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))