- ESPN doesn’t want to overpay to keep rights
- Netflix and Apple have been linked with a deal
Formula One is seeking between US$160 million and US$180 million per year from its next media rights deal in the US, according to Sports Business Journal (SBJ).
ESPN has held the rights in the country since 2018 and its current agreement, signed in 2022 and reportedly worth US$90 million per year, expires after the 2025 season.
Disney-owned ESPN had a period of exclusivity to negotiate a new contract but that has now expired.
BlackBook Motorsport understands that ESPN is not willing to retain Formula One at any cost and is keen to avoid overpaying for the rights. The broadcaster is prepared to cut ties with the series in favour of what it believes would be a responsible financial decision, given the substantial annual increase Formula One is targeting.
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The series is reportedly in talks with several broadcasters, including NBC. Netflix and Apple have also been linked with bids. Both already have ties to Formula One through the Drive to Survive docuseries and this summer’s ‘F1’ movie, respectively.
Formula One needs a good return from its next US media rights deal due to the upcoming renewal of the Concorde Agreement, which will likely see teams receive a greater slice of revenues. The new agreement will be effective from next year, a season which could also see the General Motors-backed Cadillac Racing line up on the grid.
Viewership for the 2024 Formula One season fell three per cent year-over-year on ESPN in the US. An average of 1.13 million viewers watched races, compared to 1.16 million in 2023. Neither figure matched the 2022 season, which averaged 1.19 million viewers.
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