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Are they really so clueless that they can't put 2 and 2 together?! Here's a clue:if you don't broadcast it on FTA, people without Pay TV won't be able to watch it!
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I think you have misunderstood Bernie's business model.
He doesn't see you as a customer, he views you as a product. The formula 1 circus is simply a contrivance employed to acquire 2 hours of your time where your emotions are tied to some arbitrary outcome. The commercial rights are in effect a right of access to your attention (which he sells to the highest bidder)
In essence, his only care with respect to the size of formula 1's fan base is the extent to which it influences the value of those rights. Fox has a fraction of the viewers, but they are prepared to pay more. And that is the bottom line.