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American Express Company (NYSE:AXP) inked a new multi-year sponsorship with Formula 1 to expand Amex’s partnership with the motorsport giant from the Americas region to a global level.
As an Official Partner, this collaboration will now span the entire F1 calendar, covering Australia, Asia, Europe, the Americas, and the Middle East.
With this expanded deal, American Express and F1 expect to enhance fan experiences at select F1 Grands Prix throughout the year.
Furthermore, American Express will host business customers and partners through various hospitality offerings.
Elizabeth Rutledge, Chief Marketing Officer, American Express, said, ” This demonstrates yet another way we are continuously enhancing the value of American Express Membership for Card Members around the world.”
”With more than 300 million fans worldwide age 18-34, F1 continues to grow in popularity and as a passion area for Millennials and Gen Z – American Express’ fastest growing customer segment.”
This week, American Express became the sole owner of Swisscard after UBS Group announced plans to sell its 50% stake.
This came just days after American Express reported mixed third-quarter results, with revenue slightly below analyst expectations.
Investors can gain exposure to AXP via Amplify ETF Trust Amplify Mobile Payments ETF (NYSE:IPAY) and ETF Opportunities Trust LAFFER TENGLER Equity Income ETF (BATS:TGLR).
Price Action: AXP shares are down 0.19% at $271.88 at the last check Wednesday.
Image: Shutterstock/ Michael Cola
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