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Netflix, ESPN, and NBCUniversal compete for U.S. Formula 1 rights, report says

 2 years ago
source link: https://finance.yahoo.com/news/netflix-espn-nbcuniversal-compete-u-134139082.html
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Netflix, ESPN, and NBCUniversal compete for U.S. Formula 1 rights, report says

Lauren Forristal
Tue, June 7, 2022, 10:41 PM·3 min read
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As the global auto sport explodes in popularity and U.S. media rights for Formula 1 are for the taking in 2023, Netflix, ESPN, and NBCUniversal have reportedly been eyeing the international auto racing circuit.

Insider reported on Monday that the three companies are bidding for a new streaming license for F1, which begins in 2023. NBCUniversal told TechCrunch that it has nothing further to add to the Business Insider story. Netflix did not respond.

Disney-owned ESPN is the only company so far that has confirmed. In a statement to Insider, John Suchenski, Director, Programming & Acquisitions, ESPN, said, "We are aggressively pursuing a renewal — we feel that we have a distribution package and event presentation that can't be matched in the industry... It has been a mutually beneficial relationship."

"Understandably, they are looking at other options," he added.

ESPN is currently the rights-holder in the U.S. for F1 and has been since 2017. The rights expire at the end of this year, and F1 is targeting $100 million for the rights, according to the report. Reportedly, ESPN submitted an opening bid of about $70 million, well below the targeted figure.

Comcast's NBCUniversal held the rights for the previous five years. At the beginning of 2022, NBC shuttered NBCSN, its all-sports channel. Comcast's satellite broadcaster, Sky, holds the UK and Ireland rights to Formula 1, a deal that ends in 2024.

Sources told Insider that Netflix is among the suitors and has been holding talks for months. However, they also said the company doesn't have an in-house sports negotiator, which could put them at a disadvantage.

Netflix CEO Reed Hastings has alluded to thinking about bidding for F1 rights. In September 2021, he spoke with German magazine Der Spiegel, hinting that Netflix is considering buying into the sports category. He said, "A few years ago, the rights to Formula 1 were sold. At that time, we were not among the bidders today, we would think about it." He added that Netflix would be interested only if it could “control the source” and win exclusive rights.


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