Liberty Media Corp Q3 2020 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: David Karnovsky - JPMorgan Chase & Co, Research Division - Analyst : Just on F1, regarding any contract adjustments or rebates in the broadcasting sponsorship side. Would the impact from this be allocated to the quarter based on the proportion of races? Or were there maybe some factors that [impacted] Q3 specifically? And then should we expect any potential adjustments to contracts maybe being reflected in future years? Or is everything going to be tied up in 2020?

Question: David Karnovsky - JPMorgan Chase & Co, Research Division - Analyst : Okay. And then, Chase, I'd be curious to understand the decision to live stream Eifel GP on YouTube. This may be an early step to more digital distribution. Or is this more of a one-off experiment with the platform?

Question: David James Beckel - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Two on F1. First, I was hoping, Chase, you could fill us in on the evolution of the sponsorship talks. Last time you updated, you said that they were progressing nicely. Has the Concorde Agreement signing really accelerated those talks in anyway? And can you maybe frame what we as investors should be thinking about in terms of growth or specific opportunities next year? And then second question just on F1 operating cash flow for the year. It's been quite negative as indicated through the first 9 months, but is there potential in Q4 to see some of that come back such that the operating cash flow outflow will be a little bit less severe than what we're seeing today?