Liberty Media "underestimated" the task of running F1.
For instance, negotiations over a new Concorde Agreement have stalled, attempts to get a Miami GP failed, and some high profile F1 race promoters are threatening to quit.
"I think they absolutely underestimated what they were taking on," Horner is quoted by the Guardian.
He said one obvious mistake was the desire to quickly improve the racing spectacle by changing the front wing regulations for 2019.
"They will accept it was a mistake to rush through the front wing change for this year," said Horner.
"Taking a front wing and saying it will make racing better is quite a naive and ultimately expensive approach."
He said Liberty, headed by American Chase Carey, is finding that an American approach to F1 "doesn't work" in F1.
"Formula one has a different appeal," said Horner. "You can't just apply a US-sports approach to something that has been established for 60 or 70 years as a global world championship."
And so other efforts to improve the overall 'show' surrounding F1 will not be enough to dramatically improve the sport, Horner said.
"You can window-dress and promote a movie as much as you like, but if the film doesn't have the substance or isn't exciting, people won't watch it," he said.body check tags ::