Australian Grand Prix back in action after three years, stocks to watch out for

3 min read | April 05, 2022 11:56 AM AEST | By Ritwika

Australian Grand Prix back in action after three years, stocks to watch out for — Image source: © Nikolais | Megapixl.com

Highlights

The Australian Grand Prix is likely to occur from 8 April 2022 in Melbourne after three years, at the Albert Park.

Foxtel, owned by News Corporation (ASX:NWS) and Telstra (ASX:TLS), has extended a deal, empowering broadcast rights of the race.

Catapult (ASX:CAT) will be offering tech support by deploying its RaceWatch software.

Finally, the wait is over as the Formula One extravaganza is all set to head to Melbourne this week for the Australian Grand Prix. The whole nation is gearing up as the Albert Park is once again set to host the race after three years.

Australia hosted the last proper racing, back in 2019. The racing schedule for 2020 was cancelled at the eleventh hour even after the arrival of every team and driver at the circuit due to the onset of COVID-19. Additionally, McLaren withdrew from the race for the same reason. As a result, the entire sport was withdrawn eventually. In 2021, Australia failed to execute the racing as the country severely faced the race of the third COVID-19 wave.

The Australian Grand Prix is scheduled from 8 April 2022 (Friday) to 10 April 2022 (Sunday).

Some leading Australian companies such as Foxtel and Catapult have decided to contribute in different ways to make the Australian Grand Prix 2022 a grand success.

Foxtel said that it has exercised an extension of its rights deal with the motorsport, which will allow Foxtel and Kayo to conduct a live broadcast of every practice session, qualifying session, and race. The extended deal with motorsport is expected to be worth AU$40-45 million in a year.

Foxtel is a pay television company in Australia established in 2018. The company offers services like cable television, direct broadcast, satellite television and IPTV streaming. The company is now owned by two ASX-listed companies- News Corporation (ASX:NWS) and Telstra Corporation Limited (ASX:TLS), holding 65% and 35% stakes, respectively.

The shares of News Corporation (ASX:NWS) opened 1.147% higher on the ASX today (5 April) at AU$29.980 per share at 10:09 AM AEST.

The shares of Telstra (ASX:TLS) opened at AU$3.910 on the ASX today (5 April) at 10:12 AM AEST.

Image source: © Jiawangkun | Megapixl.com

Meanwhile, Catapult Group International Ltd (ASX:CAT) decided to offer the tech support needed for the event.

Catapult will supply the RaceWatch software, which would be familiar to anyone who is a fan of Netflix’s Formula 1: Drive to Survive series. The software is developed in such a way that every viewer has their eyes glued to the entire race. Catapult acquired this technology after taking over its developer- SBG Sports Software, worth US$40-45 million last year.

Read more: Catapult (ASX:CAT) signs first ever SBG basketball deal

Catapult said that its software ingests up to 50,000 channels of telemetry data streaming off each car and driver. The software also incorporates live weather reports and video feeds and tracks condition data to predict the outcome of race tactics in real-time.

The shares of Catapult (ASX:CAT) opened at AU$1.390 per share on the ASX today (5 April) at 10:05 AM AEST.

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