Netflix is again said to be interested in acquiring Formula 1 rights, but this time it enters negotiations as a real player in the sports media industry.
Martyn Ziegler and Molly Hudson of The Times of London reported Thursday that Netflix is considering a bid for the U.S. Formula 1 rights package currently owned by ESPN. The streamer, which carries the F1 documentary series “Drive to Survive,” was previously said to have bid on F1 rights when they were last on the market in 2022.
Incumbent ESPN has publicly expressed a desire to hold onto F1 rights, but its exclusive negotiating window expired without a deal, according to the Times. The network has carried F1 since 2018, replacing NBC Sports as the series’ U.S. partner.
At the time of the 2022 negotiations, it was still unclear whether Netflix ever planned to make a serious push into sports broadcasting. That is no longer a question, as the streamer has in the past three months aired a Christmas Day NFL doubleheader, a much-hyped Mike Tyson-Jake Paul boxing card, and acquired rights to the next two FIFA Women’s World Cup tournaments.
F1 would still represent a change in approach for Netflix, which thus far has focused on single event programming rather than full seasons. A seeming exception to the rule is its “WWE Raw” package, but Netflix CEO Ted Sarandos said himself that the company considers WWE more as entertainment programming than live sports.
With rights having hit the open market, it is likely that ESPN will face more competition than just Netflix. Amazon reportedly outbid both Netflix and ESPN during the 2022 negotiations. NBC was also said to have made a competitive bid. One imagines that Warner Bros. Discovery, which has been aggressive in the marketplace since losing NBA rights last year, would be a potential contender.
Last season was tied as the second-most watched ever for F1 on U.S. television, as races averaged 1.1 million on the ESPN networks.
