Formula 1 owner Liberty Media slips after $600 mln convertible bond sale

Liberty Media

11/08/2026 14:54

** Formula 1 tracking stock FWONK.O tied to Liberty Media down 1.1% to $101.54 early Tues after capital raise secured
** Liberty Media early Tues announces pricing private offering of $600 mln 2.375% convertible bonds (CBs) due Aug 15, 2032
** Conversion price of $138.68 is 35% premium to stock's last close of $102.73
** FWONK shares edged down 0.1% on Mon after co announced the offering to pay cost of 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, co said Formula 1 rev fell 38% yr/yr to $764 mln in Q2 due to four fewer races
** FWONK stock now up 3% YTD
** Avg rating of 12 analysts is "buy"; median PT $117.50, per latest LSEG data

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