F1 Rumor: Netflix or NBC to replace ESPN as F1 broadcaster in USA (2nd Update)

According to Sports Business Journal, F1 is seeking a big increase from the $85 million a year that ESPN pays for U.S. media rights, asking between $160 million and $180 million a year for the next cycle.

That compares to $1.1 billion for NASCAR and around $20 million for IndyCar.

ESPN is dropping out of the Formula 1 business.

According to a report by John Ourand of Puck, the Worldwide Leader has chosen not to renew its current media rights package with Formula 1, despite reports late last year that the network was looking to re-up its deal.

Per Ourand, the top contenders to pickup the racing circuit are Netflix and NBC. F1 executives reportedly took meetings with both companies during Super Bowl week in New Orleans. NBC carried F1 races from 2012 to 2016 and would be a “natural landing pad” for the circuit, per Ourand, with the sport’s ability to drive Peacock subscriptions.

Rumor has it that Netflix is considering submitting a bid to acquire the rights currently held by ESPN to broadcast F1 in the United States.

–by Mark Cipolloni–

The Times of London has reported that ESPN’s period of exclusivity to re-negotiate its deal has now ended, with interested parties now free to join the bidding contest, with Netflix reported to be one such party.

ESPN is still listed as a possibility, despite the fact that the two sides were unable to reach an agreement during the exclusive negotiating period.

ESPN’s current deal, which began in 2023, pays F1 a reported $85 million per year. Netflix has reportedly hired Kate Jackson, ESPN’s vice president of production, who handled the network’s F1 coverage prior to leaving.

Should Netflix be successful, it would be the first time it has delved into showcasing a season-long mainstream sport.

The streaming service already has a relationship with F1 as it has produced the popular Drive to Survive docu-series since 2018, with filming continuing for a new season through the 2025 campaign.  A potential tie-up with F1 would, obviously, make a lot of sense if Netflix wanted to make its first true foray into live sports broadcasting.

In the UK and Ireland, Sky Sports holds the rights to F1 until 2029, however, Netflix’s market entry could create competition down the line.

If ESPN loses F1, the will have no motorsports exposure.