U.S. media rights Liberty Media’s growing Formula 1 car racing was revamped by ESPN until 2025 after a Disney-owned sports operation surpassed Netflix and other technical requirements.
The cost of the deal varies between $ 75 million and $ 90 million annually Sports business magazine, who first released information about the deal. While that number exponentially exceeds the current contract level of $ 5 million, it is believed to be less than what various tech giants have offered us.
Representatives from ESPN and Formula 1 declined to comment on the report when contacted by Deadline. Full plans for package delivery stay packed, but other sports installed on ESPN are available on ESPN, ESPN2, ESPN +, ABC, and other platforms.
Understandably, Netflix accepted the offer, which avoided live sports. He justified the chase as an attempt to make it possible to position live F1 racing as an addition to his top-tier documentaries. travel to survive. Amazon, which is in the midst of a big push in live sports, has also played together, as has NBCUniversal.
Liberty, controlled by John Malone, bought the Formula 1 Group for $ 4.6 billion in 2017. Former media executive Chase Carey managed it until 2020, when former Ferrari and Lamborghini CEO Stefano Domenicali took over. During the reign of the Italian-born Dominican, F1 saw a surge in popularity and perfection, adding US dates to its long-running global calendar. The first event in Miami attracted 2.6 million viewers for ABC, a record for F1 in the United States.
In an interview with Deadline last month, Domenicali said his team was “exploring every possibility” and “in no rush to make a decision.”
In the context of a steady increase in sports rights in the United States, live events with special draws among young fans are particularly desirable. In a call to Liberty Media Revenue last February, executives were asked for a clear changing scenario: an update with ESPN even though the dollar rate isn’t the highest of all the offers. Liberty CEO Greg Maffei said the company chose “broader coverage” in its latest ESPN update in 2019, “and I think it paid off.”
In this year’s evaluation Maffei added: “I don’t think, as you know, that this is a full commitment. There will be quality of access, quality of coverage and quality of money “.
Source: Deadline
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