LFWONALiberty Media Corporation - Series A

The Series A of the same Formula One tracking stock: the same claim on results, different voting rights and thinner liquidity.

The racing series earns from broadcasters' transmission fees, promoters' fees for hosting a race and sponsorship deals. All three are signed years in advance, so revenue is predictable and growth depends on bargaining power at renewal.

The difference between the classes is formally small and practically material: the A series carries voting rights but trades less often, so the spread is wider and the price can drift noticeably from the more liquid class despite identical claims on profit. The series' audience grew after the change of ownership and a documentary that brought in new viewers. Risks: a saturated calendar and dependence on a handful of broadcasters.