Greg Maffei: Thanks Ben. So, on Moto GP when we after the announcement we had an outpouring of interest from both our potential broadcast partners OEM’s potential sites all of which are very interesting. Unfortunately due to the nature of the regulatory process, we will be formulated those amongst ourselves in our plans but we really can’t reach out and do anything concrete with the Moto GP management team to avoid gun jumping until we have regulatory approval. So, we are considering plans we have some really good ideas. I think I hope and we hope to get permission to execute on those sooner rather than later.
Stefano Domenicali: On my side Ben with regard to the update on Coke agreement. As we always said that the situation as you know very well this will expire until 2025. Now we are in the process of discussion with the teams. The most important point is to keep the situation as stable as possible. These are the points of discussion. And as you can imagine, we cannot go into detail of it. But as soon as we can, we will share what we can do. As I said that the situation is optimal to keep discussing with the teams that with all the relevant part is the best way to finalize everything for a stronger future up to a longer term.
Ben Swinburne: Okay. Thank you.
Operator: Our next question comes from Stephen Laszczyk with Goldman Sachs. Please proceed with your question.
Stephen Laszczyk: Hey. Great. Thanks for the questions. And maybe for Greg on F1 media rights, I’m curious if you could talk more about this strategy. Have you — and some of the renewals you called out in the release, it looks like you took a good bit of duration in MENA maybe align the Nordics with Sky. I know some of the Americas and Asian contracts are up in 2025. Anything more to add to that that conversation or that strategy on media rights would be helpful?
Greg Maffei: Thanks for the question. And I think in general on media rights, we’ve been very happy with the renewals and interest we’ve seen. We — as you noted, some of the good renewals we’ve had that have been very attractive. We continue to see strong demand and we continue to see as we talked about F1 TV, we continue to see interesting ways in which F1 TV can be an asset working with our media partners. The US renewal is, obviously, out ahead. It’s been interesting to watch some of the most recent renewals around either other motorsports or other sports in general in the US. And hopefully those give us some confidence about given where the demand we’ve seen both among broadcasters and the like, and the level of interest in races like, I obviously, mentioned already the Miami one, what that will lead to.
Stephen Laszczyk: Got it. And then just on race promotion, you have I think 10 raises up for renewal over the next two years. Stefano you called out the 11 interested cities being serious contenders for GPUs this past weekend. Could you add a little bit more context around the supply demand dynamic you’re seeing right now and what you think that could mean for things like promotion step-up investments in hospitality fan experience that would be helpful. Thank you.
Stefano Domenicali: Well, for sure, what we have seen and what we have seen happening in the course of the last years, because of the strong demand of our product, and because of the standard we are, let’s say, asking and working together with our promoter. We have seen everything going up in term of quality of demand of course economical impact for both the promoter and our site. And the strong demand we are receiving, just shows really the strategy is right. The point is to keep the balance between the different continents that are requesting the different run rate and of course, what is important is it to…
Greg Maffei: I think we may have lost Stefano or maybe we are off. Operator?
Operator: Checking. Let me — the line is still connected.
Greg Maffei: So just in check are we on mute. Is Stefano on mute or our line is still connected to the other audience, just checking on the logistics.
Operator: Correct. It is yes.
Greg Maffei: So, we’ll assume that we’ll get Stefano back. Maybe we can move to the next question and we’ll come back and answer that and either will tried again without Stefano or we’ll hopefully get Stefano to answer.
Operator: Okay.
Greg Maffei: Next question operator. Thank you.
Operator: Of course. Our next question comes from Barton Crockett with Rosenblatt Securities. Please proceed with your question.
Barton Crockett: Okay. Great. Thanks for taking the questions. I guess I wanted to switch gears a little bit and just gave Greg your thoughts on baseball on the Braves and TV and Diamond Sports now some question about the viability of the emergence with the blackout a comp. What can you tell us about what the Braves could do if Diamond isn’t viable? And what are your thoughts longer-term about what should happen there with the TV rights situation there for the Braves?
Greg Maffei: Well, I’ll give you one cursory comment and then let Derek, perhaps, if you want to contribute. Happy have you take over. I think we have some visibility into the Diamond holdings not only from our experience with the Braves but our experience with Charter, and we watch the situation obviously very carefully. We have a benefit as we mentioned before have an enormously attractive territory and think we have options in the event that they are unable to complete their successful emergence from Chapter 11, but I’ll let Derrick touch on that a little more if he would like.
Derek Schiller: Thanks Greg. Yes, to the first point and obviously, Carriage disputes are sort of commonplace unfortunately and we don’t like the fact that this Carriage dispute is going on. We’re not a party to it. We’re hoping that Comcast and values get together. To Greg’s point we’re obviously monitoring the whole bankruptcy proceedings and doing our part to protect our rights. At this point in time Diamond Valley’s is fulfilling their terms with us including full payment. But if the rights come back to us, we are very optimistic, because as Greg noted we have a very large territory, one of the largest in sports. There’s huge demand on the team, and we believe there’s more optimism than pessimism with the future of Braves’ television rights in that marketplace.
Barton Crockett: That’s great. If I could just follow-up. I mean, the precedent at some of the other baseball teams has been if they lose their RSN carriage that they’re having to move to a lower revenue model where perhaps they get broader exposure on broadcast, but less revenue. It sounds like you don’t think that, that’s what the Braves would face if they came to it. Am I hearing you correctly?
Derek Schiller: Yeah, I think you are hearing me correctly, partly because the other situations that we’ve seen around in particular, baseball, the marketplaces are just vastly different. And their situations, I don’t think are necessarily analogous to us. We have about six states that are in our territory and about 35 million people in that territory. So one way to look at this is, to the extent that we can unlock the opportunity to offer the Braves content to a wider stretch of that territory to more of those 35 million people, we think that the revenue should follow and we’ve been modeling that and feel like we’re in a good position should those rights come back to us. But again, at this point in time, we’re still operating under the terms of the Bally’s agreement, and they are as well. So we’ll continue that to the extent that, that stays the case.
Barton Crockett: Okay. Thank you.
Operator: Our next question comes from Bryan Kraft with Deutsche Bank. Please proceed with your question.
Bryan Kraft: Hi. Good morning. I had one for Greg on Sirius and one on F1 for Stefano if he’s back or for Greg. Greg, sorry to ask this question again this quarter, but a lot of people want to know. I know you stated that the Sirius transaction is on track to close in early 3Q. But can you just walk us through the sequence of steps to close and just comment on whether it might — closing might get pulled into early June. It seems like it could from someone on the outside looking in? And then on F1, I was just wondering if you could talk about what you’re seeing in terms of race promotion contract renewals as far as step-ups on renewals and escalators within the contracts. I think pre-COVID race promotion didn’t seem like much of a growth opportunity.
But with growth in demand over the past few years and improving promoters economics, wondering if you think that race promotion is now more of a growth opportunity over the medium to long term, even outside of Vegas, which is kind of its own thing. And then separately, can you talk about what you’ve seen with Las Vegas ticket sales since they went on sale in late March? Thank you.
Greg Maffei: Well, I’m going to let Renee walk you through the regulatory steps that we anticipate. And then Stefano, I think you’re back on so after we’ll let you talk about rate promotion.
Stefano Domenicali: Yeah, yeah. Thanks, Greg, yeah.
Renee Wilm: So with regard to the SIRI closing, we’re making very good progress with the SEC as well as on the FCC front. And we are still on target. I think as we mentioned earlier this year that we’d be looking to close sometime during the summer.
Greg Maffei: Stefano, do you want to touch on the rate promotion?
Stefano Domenicali: Yeah. Yeah, I would say following to what I was trying to say before, I don’t know whether it was captured, but for Brian information, the race promotions, before COVID, everyone was worried about the fact in terms of revenue stream, this could have been a very flat line. And actually, the fact that we have a lot of demand, of course, is pushing up also the possibility of having or maximizing in the best way that we can at the racing promotion fees. Connected, of course, that this is, of course, a relevant point, but has to be connected to our strategic development in different markets. So everything is progressing very, very well. And I would say, in the next couple of years, I’m expecting to see and we are expecting to announce also some new venues that could be very attractive to grow the business of Formula One.
Greg Maffei: So if I could just add to that to Stefano’s point. I think for a long time, it was perceived that the growth in promotion would come from incremental races. And we obviously went from 18-or-something up to this 24 level, which is where we do not anticipate growing any more races. But as I think we talked about at the Investor Day back in November, it actually creates a great incentive scarcity to be able to play promoters off against each other and not to try and take advantage of them. But just given the amount of demand we have, both among fans to attend and among promoters to host an event, we’ve been able to find attractive pricing and good uplifts, and we continue to find new venues and new locations, which find it very attractive given the amount of demand we have and given the opportunities they’ve seen others pursue.
