Formula 1’s media rights in America are set to expire at the end of 2025. However, the CEO of Liberty Media, Derek Chang, claims that the racing series is “pretty far along” in talks over their next partner.
Liberty currently has a deal with ESPN to air the races and all of the sessions around the race weekend.
Instead of using their own broadcast, ESPN has been using the British Sky Sports broadcast.
According to reporting from The Athletic, it is a two-horse race between ESPN and Apple.
Alpine’s French driver Esteban Ocon races during the first practice session for the Las Vegas Formula One Grand Prix on November 21, 2024, in Las Vegas, Nevada.
Alpine’s French driver Esteban Ocon races during the first practice session for the Las Vegas Formula One Grand Prix on November 21, 2024, in Las Vegas, Nevada.
Photo by FREDERIC J. BROWN/Getty Images
Apple partnered with the sport for the summer blockbuster, F1: The Movie, starring Brad Pitt and Damson Idris.
The tech company produced the film, and considering its massive success and Apple’s focus on adding sports to Apple TV+, there is some sense in the company investing in the sport.
Reports indicate that Apple is offering between $120 million and $150 million a year, while ESPN is only offering around $90 million.
“I think it’s been pretty well-documented in terms of the negotiations, we are pretty far along, and we’re pretty happy and comfortable with sort of where we’re going to end up,” Chang said at the Goldman Sachs Communacopia and Technology Conference, per Deadline.
“Hopefully we’ll have something to talk about relatively soon.”
Additionally, Chang outlined the factors that will inform the decision on where to distribute the races in the U.S., making it clear that it is not solely based on financial considerations.
“Is your media partner even just a media partner? Are they also a sponsor? Do they have other ways that they’re going to monetize and commercialize sort of the relationship? On the flip side, how are they helping you sort of do that same thing,” he asked.
“In the U.S., we’ve been on a pretty nice growth path with Austin and then Miami and now Vegas, which we’re very proud of and very happy with sort of how that’s going.
“I think bringing in a partner who amplifies a lot of that for us on an overall holistic basis and driving that engagement with fans is what’s important.”
Regardless of who Liberty Media chooses, the company is set for a massive deal, likely securing the rights for a long time at record-high figures.
It was not too long ago when F1 offered ESPN its rights to America for free, but those days are long gone.
For more F1 news, head on over to Newsweek Sports.