Formula One is gearing up for selling its global media rights ahead of the Australian Grand Prix in Melbourne on 25th March, the first race for the 2018 F1 season.
Liberty Media, the owners of Formula One, have roped in Wavemaker and Brainlabs to handle the global media rights of the world’s top motor racing series.
WPP owned Wavemaker will handle all traditional media-planning and buying, while Brainlabs will take care of digital media rights.
According to Campaign UK, Each part of the media business is understood to be worth about half of the $40m budget.
Formula One’s media rights were handled in-house by the Bernie Ecclestone, former chief executive of Formula One.
Formula one, under Ecclestone’s leadership, had put up the US$40 million account up for review last year in a process run by marketing performance analyst Oystercatchers.