News Summary

• Liberty Media acquired Formula 1 racing from a consortium of investors in 2017 at a valuation of $8 billion.
• The 10-team sport generated more than $2 billion in direct sponsorships last year.
• Top F1 teams are worth more than most NBA franchises and European soccer clubs.
• White House reportedly drafting backup plans should the U.S. Supreme Court strike down President Donald Trump’s tariffs on the basis he doesn’t have the power to impose them unilaterally.
• College grads’ unemployment rate of 2.8% in September—up half a percentage point from a year ago—reflects the recent slowdown in white collar hiring.