Stephen Laszczyk: Maybe just a follow-up on the media right strategy for F1 to the extent you’d be willing to add to Ben’s question. I would just be curious to better understand how you would think through the pros and cons of entering a longer-term exclusive global media rights deal with a single distributor? Just curious to the extent you think the Formula One IP could be well suited for that type of structure over the long term? And I have a follow-up.
Gregory Maffei: Thanks for the question. I think we’ve tried to be consistent in answering this. There’s always a trade-off between reach and profitability. There are relatively few, if any, distributors today who have the global reach that individual players do in their respective markets. So there would be — you would be think hard about that trade-off. And you can see that in some markets where we’ve actually tried to play both sides of that, where they’re made some of it’s on broadcast and some of it’s on pay because we don’t want to see all of our product behind the pay wall or which is not widely distributed. So I don’t have a comment other than you’re always going to weigh that trade-off, and it depends on what — how we feel about the maturity of the business and in each respective market.
And the length of deal we’re willing to cut in many cases is dependent on how far we are on that curve. I note we’ve noted before, in the U.S., we’re fairly nascent, and we try to keep a shorter-term deal partly because we think we will do better as time goes on. In other markets, where it’s more material, we’re willing to talk about more stability. And there is benefit in many cases for the distributor to have more stability because they will be able to make a greater investment in the product promotion, et cetera, if they know they have long term. So you weigh all those factors.
Stefano Domenicali: And if I may add, Greg, on that correctly saying about this ratio between reach and profitability, the spirit of this change is different from country to country, from region to region. And this is really the reason why the media market today is quite complex. But we do believe that with the mix that we have, we will take the advantage of the strategy put in place today. That’s why we are very confident about it.
Stephen Laszczyk: Got it. And then maybe one on the sponsorship side. Could you talk a little bit more about the regional deal with American Express that you recently signed, maybe the value you saw on each other to bring this deal to the table? And if you think that could be a good template or framework for other payment providers or financial institutions on a more global basis?
Gregory Maffei: I’ll let Renee add, but I would note that one of the reasons why Amex is unique is not only is a great company, great brand, et cetera, with an audience and a customer base which fits very well with us, but also the case where really they came out on the regional basis because of the strength and wanting to be involved in Las Vegas. So it’s a great example of Las Vegas leading us and broadening the base. It’s also a case where using our digital capabilities, we’re going to be able to — for regional players to be able to show sponsorship capabilities and opportunities in a respective market or in respective series of markets in a region because of those. Renee?
Renee Wilm: So I would just add to that, something Greg mentioned earlier around the importance of data management and understanding who are and being able to work with American Express on their platform has really proven to not only help us move the hospitality early but also to get more visibility into who our fans are. So we think this is going to be a great win across the board.
Operator: Our next question comes from the line of Stephen Glagola with TD Cowen.
Stephen Glagola: Were these initial start-up costs for Vegas fully captured in the increased CapEx guidance last quarter? And what are your expectations for recurring annual maintenance CapEx for the Grand Prix Vegas?
Gregory Maffei: I think we are not changing anything. We said about CapEx from what we said last quarter. I think most of my comments were really directed at more OpEx. And some of those costs that I mentioned, like security, like the opening festival — opening ceremony rather. I don’t believe we are making any announcements today on CapEx. I would differentiate there will potentially be — I don’t think there’s massive ongoing CapEx for maintenance. I’ll make that statement. But there will be CapEx potentially for year-round activation as we come up with new opportunities to take advantage of the facility. And we really have not captured or forecast that because we’re still working on what that may look like. So we don’t really have a number for you today or something to talk about because we are looking at a range of activation capabilities. And candidly, we’re focused on November 18.
Stephen Glagola: I appreciate that. And if I can just ask one more with you or Stefano. With the FIA approving last month, can you just give us any updates on your views with respect to adding to the grid? How are you evaluating this? And what are the potential gating items for you to get incrementally more inclined to admission or reject?
Gregory Maffei: I’ll let Stefano answer that.
Stefano Domenicali: yes. okay. Thanks, Stephen. I mean, as you know, there is a process that is in place. So as always, we don’t have to give any anticipation of is right role of doing its first assessment. Now we’re in the process of doing our assessment on the commercial and marketing side. And as soon as this process will be finished, of course, we will inform everyone accordingly. First of all, of course, sharing this info in the first instance with the FIA.
Operator: Our next question comes from the line of David Joyce with Seaport Research Partners.
