Apple is Reportedly in Talks to Acquire Formula 1’s US Broadcast Rights

Apple is reportedly in talks to acquire Formula 1’s US broadcast rights following the success of its F1 movie starring Brad Pitt. The company is already invested in sports with deals with Major League Baseball and Major League Soccer, and the company may now see Formula 1 as a way to attract a bigger audience on its Apple TV+ platform.

Disney’s ESPN is currently streaming Formula 1 in the US, but the company’s deal with the league is set to expire at the end of this year. According to the Financial Times, ESPN’s exclusive period to negotiate an extension of its broadcasting agreement ended last year without a deal, and Apple and other bidders are now free to make their offers.

“F1 is yet to make a decision on its future broadcasting arrangements and ESPN may yet retain the rights,” a person with direct knowledge of the matter told the FT. However, Apple has the benefit of being one of the richest companies in the world, and the time may be right to capitalize on the success of its F1 movie, which was a $300 million box office hit.

“Formula 1’s US owners, Liberty Media, are hoping the film, along with Netflix’s Drive to Survive documentary series, will have increased the value of the rights for its races by attracting younger, female and American audiences to the sport,” the Financial Times report reads. Before Apple’s F1 movie became a blockbuster success this summer, analysts at Citi estimated that F1’s next broadcast deal for the US could be worth $121mn a year, but Apple may now need to raise the stakes.