While Formula 1 is experiencing one of the most popular periods in its history, Netflix seems to want to take advantage of this popularity more.
The streaming service, which boosted the sport’s overseas prestige with its hit Drive to Survive series, has entered a bidding war with rival broadcasters NBCUniversal and ESPN for the rights to broadcast F1 races from 2023.
Disney-owned ESPN has held the F1 broadcast license in the US since 2017, while Comcast-owned NBCUniversal held that right for the previous five years. Sky, the UK arm of NBCUniversal, currently holds the rights to broadcast F1 in the UK and Ireland through 2024.
ESPN’s US-exclusive deal expires at the end of 2022, and Business Insider reports that Formula 1 bosses are trying to strike a new $100 million deal in the region. ESPN reportedly submitted an opening bid of $70 million, while Netflix or NBCUniversal did not publicly reveal the extent of their participation in the talks.
ESPN executive John Suchenski told Business Insider, “We continue to innovate aggressively – we think we have a distribution package and delivery of events that is unmatched in the industry… It’s been a mutually beneficial relationship.” “Understandably, Formula 1 is looking at other options as well.”
Netflix is one such option, according to Business Insider sources. The broadcasting giant has reportedly been in talks with Formula 1 bosses for months.
In a 2021 interview with Der Spiegel, the company’s co-CEO Ted Sarandos said, “A few years ago Formula 1 The rights have been sold. At that time we were not among the bidders. We would think about it today,” he said.
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