Television production company Obsession Media will partner with motorsports brand SpeedSport magazine to rev up this spring a new motorsports-focused free ad-supported streaming TV (FAST) channel that will deliver both live and library content.

Speed Sport 1, the new FAST channel, will feature more than 400 live events and thousands of live hours of motorsports content, according to network officials. Obsession Media was founded by CEO Nick Rhodes and outdoor media veteran John West, with outdoor media entrepreneur Roger Werner serving as investor and adviser. Former MAVTV Motorsports Network president Dan Teitscheid has signed on as Speed Sport1 president and general manager.  

Obsession Media previously launched the FAST service Outdoor America. 

"Speed Sport 1 will feature over 400 live US and International racing events as its core programming, but will also deliver racing news and information, racing history programs, and behind-the-scenes coverage of teams and events," Rhodes told Multichannel News. “We’re excited to build on the success of Outdoor America and partner with the expert editorial voice of SpeedSport magazine. We want to be clear to distributors, advertisers and fans, this is not a content library acquisition, we are bringing back a live channel dedicated to motorsports.” ■ 

MavTV Motorsports Network will discontinue its MavTV Plus streaming service next month after reaching a content distribution deal with sports streaming service FloSports, the two parties announced Thursday.

FloSports's FloRacing streaming motorsports platform and MavTV Plus will co-stream live motorsports programming beginning Thursday (June 30), with FloSports creating a new MavTV on FloRacing streaming channel, according to the streaming service. 

The MavTV Plus SVOD service, which launched in 2021 and retails for $6.99 per month, will continue to stream motorsports events through July 26 before ending its feed. In an e-mail to MavTV Plus subscribers, The Lucas Oil-owned MavTV said that subscribers would have to sign up for FloRacing to watch future content, including the remaining rounds of the Lucas Oil Pro Motorcross Championship, which runs through September.

“MX Sports Pro Racing and MavTV are grateful for your patience regarding the MavTV Plus streaming platform,” said MavTV in the e-mail. “The goal of the service has always been to bring you the best motorosports streaming coverage possible, which is why MavTV is thrilled to announce a new partnership to do just that.” 

The deal adds to FloSports’s lineup of more than 200,000 sports competitions live or on demand for over 25 different sports.

“We’re incredibly excited to welcome MavTV viewers from across the globe to FloSports," CEO and Co-founder Mark Floreani said in a statement. "Our platform will give current MavTV Plus users access to all of our live and on-demand events including motorsports and so much more. With the first live MavTV on FloRacing event streaming today, we aim to create a seamless viewing experience and ensure not a minute of a live event is missed.”

Added Lucas Oil President Morgan Lucas: “We place enormous value on the fan experience; we want to give our customers the best viewing experience possible. MavTV's mission is to connect race fans to their favorite events - from anywhere. FloSports helps us deliver on that mission, giving subscribers the best support, technology, and access to the motorsports events they love. We are all-in and eager to build this partnership into the best motorsports streaming platform available.” ■

Discovery Communications has unveiled the first installment of its multipronged direct-to-consumer strategy, partnering with motorsports publisher TEN: The Enthusiast Network, home of Motor Trend magazine, with auto-focused Velocity in a deal that will bring exclusive on-demand content to subscribers.

Discovery first talked about the strategy last November, shortly after the launch of its Discovery Go app. Along with that authenticated online version of its linear content (which is also tied to an existing multichannel video programming distributor subscription), Discovery also hatched the direct-to-consumer plan. Velocity is the first network to try the model.

Discovery is essentially forming a new venture with TEN — TEN: A Discovery Communications Company — led by Discovery chief content officer Paul Guyardo. Velocity executive vice president and general manager Bob Scanlon will become president of Velocity and TEN video content after the deal closes later this year.

“The overall strategy is to raise the awareness of some of the content that TEN is currently creating on different platforms,” Scanlon said in an interview. “On the Velocity side, the intent is to leverage our talent — the face of Velocity — [and their] popularity, that trust and expertise to create what I call content from the cutting-room floor.” Scanlon added that content would be more process-oriented, offering deeper dives into aspects of certain shows on-demand for a price. For example, on Velocity’s popular Bitchin’ Rides, an episode where the crew installs an engine into a vehicle could be shown in greater detail on-demand.

Scanlon added that the move is about tapping the rapport and trust the talent has built with the audience, “to convince them this content is legit, it’s OK and it’s stuff that you’re not going to get on Velocity. It’s really in the weeds for true enthusiasts.”

Scanlon said it is essential that the content provides something to viewers they can’t get anywhere else. But the segment seems ripe for the kind of detailed content Velocity wants to provide.

Packaging and pricing for the offerings haven’t been decided yet, but Scanlon said he has other ideas for the service as well, including taking a page from the traditional TV playbook.

“I’ve got some other ideas about creating the idea of appointment viewing behind the paywall, a show that would really require viewers to tune in at a certain day and time in order to see something time-sensitive,” Scanlon said. “That increases the value.”

Liberty Media, ending years of speculation, said it will purchase racing icon Formula One from a consortium led by CVC Capital Partners for $4.4 billion.

Liberty Media headed by legendary dealmaker John Malone, has been in the hunt for the racing company since at least 2014.

According to Liberty, the transaction comprises cash and newly issued shares in the Liberty Media Group tracking stock and a debt instrument exchangeable into shares of LMCK. The transaction price represents an enterprise value for Formula One of $8 billion and an equity value of $4.4 billion.

In typical Liberty fashion, the deal isn’t an easy one. According to terms, Liberty will acquire 100% of Formula One parent Delta Topco by first buying an 18.7% interest in the unit for $746 million in cash. Former 21st Century Fox vice chairman Chase Carey has been named chairman of Delta Topco, succeeding Peter Brabeck-Letmathe, who will remain on Formula One’s board as a non-executive director. Bernie Ecclestone will remain Formula One’s CEO.

“I am thrilled to take up the role of Chairman of Formula One and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media team, Carey said in a statement. “I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world. I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike.”

After completion of the acquisition, Liberty Media will own Formula One and it will be attributed to the Liberty Media Group which will be renamed the Formula One Group. The consortium of sellers led by CVC will own about 65% of the Formula One Group’s equity and will have board representation at Formula One to support Liberty Media in continuing to develop the full potential of the sport. In addition, a CVC representative will be joining the Liberty Media Board of Directors.

“We are excited to become part of Formula One,” Liberty Media CEO Greg Maffei said in a statement. “We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders. We look forward to working closely with Chase Carey and Bernie Ecclestone to support the next phase of growth for this hugely popular global sport.”

The selling stockholders will receive a mix of consideration comprising: $1.1 billion in cash, 138 million newly issued shares of LMCK and a $351 million exchangeable debt instrument to be issued by Formula One and exchangeable into shares of LMCK. Upon completion of the acquisition, the Liberty Media Group will be renamed the Formula One Group and the ticker symbols for its shares will change to FWON. Formula One will remain based in London.

“I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them,” Ecclestone said in a statement.