Movistar Plus has renewed its agreement for the Spanish rights to Formula One, according to online news outlet El Español.
The deal, which is expected to be confirmed in the coming days, will see the pay-TV broadcaster show exclusive live coverage of the global motorsport series for the next three seasons.
Movistar is understood to have been in negotiations with Formula One owner Liberty Media for the past ten months. The financial details of the new deal have not yet been released, although the previous contract, which expired at the end of last season, was reported to be worth an annual €65 million (US$78 million).
Formula One has been covered by Movistar in Spain for the past two seasons although TVE, the country’s public service broadcaster, and TV3, the Catalan public service broadcaster, showed the 2017 Spanish Grand Prix. There remains significant domestic interest in the championship, given the participation of Spain’s Fernando Alonso, who renewed his contract with McLaren towards the end of last year.