Report: Netflix exploring bid for F1 media rights

Netflix is deliberating making a play for the U.S. broadcast rights of Formula One, The Athletic reported Friday.

Netflix already has a background in the sport, having produced the hit F1 docuseries "Drive to Survive" that debuted in 2019. Thanks in large part to the series, interest in the sport has risen -- and the value of the broadcast rights along with it.

ESPN holds the American rights for F1 races, but that agreement is up after 2025. The deal is currently in the ballpark $75-90 million per year, according to Sports Business Journal.

Netflix has not pursued many rights deals for live sports, unlike streaming competitors Amazon Prime Video, Apple TV and Peacock, but the company is picking its spots.

In 2024, the streamer carried the Mike Tyson-Jake Paul fight and broadcasted the NFL's three Christmas Day games for the first time. It's also the new home of "WWE Raw."

"We are constantly trying to broaden our programming. Live events (are) one of those things, and sports is part of those live events," Netflix co-CEO Ted Sarandos said on a recent earnings call, according to Front Office Sports. "That's a really fantastic thing, but it doesn't really change the underlying economics of full-season, big-league sports being extremely challenging."

--Field Level Media