F1: France’s Canal Plus agrees to pay more for TV deal

(GMM) Formula 1 has improved the terms of its broadcasting deal with French television channel Canal Plus.

Canal Plus’ CEO Maxime Saada told L’Equipe sports newspaper that the broadcaster has extended its deal with F1 until 2029.

“We have signed an exclusive broadcasting agreement until 2029 for France and Africa and we thus become the world’s leading broadcaster,” he said.

Canal Plus took over from France’s former F1 partner TF1 in 2013. L’Equipe claims the value of the current Canal Plus contract is EUR 60 million per year.

“The new one is a significant increase,” Saada admitted, without elaborating.

“But we accept it because Liberty Media has done an exceptional job in internationalizing the sport and making it a success also in the United States, with new on-board cameras and the agreement with Netflix for Drive to Survive.

“On Canal Plus, only the Champions League does better. When we broadcast a grand prix on Sunday, we multiply our sales by two or three. It’s huge,” he said.