ESPN will reportedly continue broadcasting Formula 1 through 2025, Sports Business Journal first reported on Friday, June 24.
Most races will be televised either on ESPN or ABC, but a smaller undetermined amount will be broadcast exclusively on the streaming service ESPN+.
ESPN first acquired the rights to F1 in 2019 for a 3-year/$15 million contract. With the series’ newfound popularity, numerous companies have put their hat in the ring to acquire the rights going forward.
Sources report that ESPN’s contract will now cost between $75 and $90 million per season – nearly fifteen times the current cost of carrying the series. Amazon was one of the companies willing to pay more per year for the rights than EPSN, but it appears that Formula 1 has told both Amazon and Comcast that they have declined their offers. F1 officials made it clear that they are not ready to put all of its races on a streaming service yet.
In part aided by the Netflix Series Drive to Survive, Formula 1 has seen a huge surge in popularity in the United States since the beginning of the COVID-19 pandemic. Three U.S. races are on the table for 2023, and ESPN’s broadcasts regularly draw 1.5 million+ viewers each Sunday.
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