New York, May 16, 2026, 15:02 (EDT)
- FWONK ended Friday at $89.54, down 1.8%. Shares dropped about 5.2% for the week.
- Liberty Media shifted to Nevada on May 12, ending the old tracking-stock setup for Formula One, though FWONK still trades under the same Nasdaq ticker.
- The Canadian Grand Prix is back on the radar this week, with investors tracking race cadence, media-rights momentum and calendar risk.
FWONK shares fell on Friday, ending at $89.54, down 1.79%. The drop comes after gains earlier in the week following earnings. The stock lost about 5.2% since closing at $94.45 on May 8. Investors are watching Liberty Media’s Formula One Group as the company reported a stronger first quarter, but also announced a new corporate-structure move and a slimmer race calendar for 2026.
The stock is stuck between catalysts. First-quarter earnings have been released, the annual meeting has finished, and the next live commercial test is set for Canadian Grand Prix weekend in Montreal from May 21-24. F1 Experiences has Canada as the next 2026 ticket-package event, with Monaco after that on June 4-7.
Legal structure is the next issue, not the vehicles. Liberty Media said in a May 12 filing it finished moving its incorporation from Delaware to Nevada, and that FWONA and FWONK will stay on the Nasdaq Global Select Market. The company’s Nevada charter dropped the tracking-stock setup, turning FWONK shares into Series C common shares of the new Nevada entity on a one-for-one basis.
Formula 1 revenue jumped 53% to $617 million in the first quarter, Liberty said. Operating income hit $107 million, while adjusted OIBDA, the company’s preferred profit metric, doubled to $172 million. Adjusted OIBDA strips out depreciation, amortization and some other items.
Liberty Media CEO Derek Chang said the quarter brought “growing audiences and deepening fan engagement.” Formula 1 chief Stefano Domenicali called out “positive momentum across our business,” mentioning Apple in the U.S., Sky renewals, and fresh commercial partnerships. Liberty Media Corporation
Still, some of this comes down to the calendar. Liberty said Formula 1 put on three races in the first quarter, up from two last year, and the 2026 schedule is set for 22 races, two fewer than 2025 since Bahrain and Saudi Arabia didn’t run in April. That changes when revenue and costs hit, making year-on-year numbers harder to compare.
Media rights are still the most straightforward bull thesis. Reuters said this month that Formula One and Sky have signed five-year extensions in the UK, Ireland and Italy. The UK and Ireland deal now goes until 2034, Italy through 2032. Sources told Reuters the UK and Ireland contract is worth close to 200 million pounds a year.
Morgan Stanley is sticking with Liberty Formula One, putting it at the top of its U.S. media and entertainment list this month. That puts FWONK ahead of TKO, Disney and Live Nation in the bank’s latest rankings. Morgan Stanley’s Sean Diffley called FWONK “our Top Pick in US M&E” and kept an overweight on the stock, citing the strength of live sports pricing. Business Insider
The competitive set is lean but relevant. TKO has rare live-sports rights, Disney still has ESPN’s big sports media share, and Live Nation is in live events on the same customer dollar. Morgan Stanley was saying Formula One brings steady sports rights plus event economics, not that it acts like a normal broadcaster.
But risks are in play. With 22 races on the calendar, there is limited room for new disruption, and Liberty pointed to geopolitical unrest, demand for live events, rules, deals and third-party results as risks that could shift outcomes. Liberty also didn’t buy back any common stock from Feb. 1 to April 30, even though $1.1 billion remained authorized.
Formula One’s week ahead looks less like a sprint and more like investors deciding if Friday’s decline was just a break after results or if the shares still need to justify their price. Canada brings in another weekend of revenue, but the stock now has to work to get back on the market’s radar.
