Netflix, Amazon Named Suitors as $100 Million Bidding War Set to Break Out Over F1 Media Rights
Follow Us
F1 has grown massively in the United States of America since the 2017 season. Netflix’s series Drive to Survive has opened a new market for the sport and attracted massive numbers of fans from the States. F1 gave the broadcasting rights to ESPN in 2017, but that contract is up at the end of this season.
The sport is entertaining offers from different broadcasters like NBC Universal, ESPN, Amazon, and even Netflix. The streaming platform is very keen to acquire the broadcasting rights for the sport so that they can stream the race live on their platform.
ADVERTISEMENT
Article continues below this ad
Will Netflix get the broadcasting rights of F1 from ESPN?
As reported by Sportscasting.com, ESPN currently pays around $5 million annually to broadcast F1. But they are ready to up their offer and are willing to pay $70 million annually after the 2022 season to retain their rights to the sport. However, Liberty Media, owner of F1, is projecting offers in the range of $100 million.
Four bidders emerge for the @F1 broadcast rights in the USA:
• @netflix
• ESPN (whose bid is reportedly $70 million)
• NBCUniversal
• Amazonper @claireatki #F1 #sportsbiz pic.twitter.com/YSrYjMMvHk
— Vincenzo Landino (@vincenzolandino) June 4, 2022
It would be interesting to see if Disney-owned ESPN can pay around $100 million annually and meet the demands of Liberty Media. If they cannot do so, then a platform like Netflix would be an excellent potential broadcaster for Formula One.
Trending
Fernando Alonso Dodges a Bullet as Lewis Hamilton Was Forced to Apologize for Similar Racist Insinuation 13 Years Back
May 05, 2024 06:01 PM EDT
F1 Fans Slam Insecure Fernando Alonso For Playing Race Card Against Lewis Hamilton in Miami
May 04, 2024 08:52 PM EDT
Patrick Mahomes & Wife Brittany’s Miami GP Double Date in Trouble as Travis Kelce Apparently Ditches Taylor Swift for Kentucky Derby
May 04, 2024 09:54 PM EDT
“This Is a Joke Right?”: Rebecca Donaldson and Alexandra Saint Mleux’s Endorsement of F1 Academy Leaves Fans Fuming
May 04, 2024 08:09 PM EDT
Lewis Hamilton Steals Max Verstappen’s GF Kelly Piquet’s Thunder Despite Her Bold $30,000 Fashion Statement at Miami GP
May 05, 2024 04:15 PM EDT
Get instantly notified of the hottest F1 stories via Google! Click on Follow Us and Tap the Blue Star.
Follow Us
The streaming platform already airs Drive to Survive every year and has also extended its contract for 2 more seasons of the show. It would make sense that they get the broadcasting rights also so that everything stays on one platform.
How Much Does It Take For a City to Hold a Formula One Grand Prix Race?
But ESPN’s president of programming and original content Burke Magnus is confident that they will get a deal with F1 to continue their partnership.
ESPN is confident of retaining the broadcasting rights of the sport
Magnus revealed he is very positive and assured that they can retain the broadcasting rights for F1 in the future. He revealed they were pursuing a new deal aggressively.
ADVERTISEMENT
Article continues below this ad
“[We are pursuing the rights] very aggressively–we want to continue what we started here, and there’s so much happening right now that excites us,” said Magnus.
But Liberty Media President Greg Maffei has not confirmed the deal with ESPN. “This year we’re on ESPN and next year we’re looking for a broadcast partner. We have a lot of interest. ESPN has been a great partner. They got a very good deal because we’ve had a rise in popularity and they’ve capitalized on that as well,” said Maffei.
ADVERTISEMENT
Article continues below this ad
WATCH THIS STORY: Toto Wolff Swears, Valtteri Bottas Bares: Funniest Moments From Drive to Survive
It will be a fascinating battle between giant companies to acquire the broadcasting rights for one of the most-watched sports in the world. Let’s see which company gets the last laugh and the broadcasting rights for F1.
Edited by:
Reubyn Coutinho