F1 predicted to seek sizable media rights increase in U.S. for next cycle

F1 predicted to seek sizable media rights increase in U.S. for next cycle

ESPN’s exclusive negotiating window with F1 has expired without a deal, according to reports and a source familiar with the matter, an indication that the racing property could be seeking a major increase in the value of its media rights.

ESPN and Formula 1 (F1) have failed to reach an agreement to renew broadcast rights in the United States despite exclusive negotiations, the Sports Business Journal reported. The search for a significantly higher value for the media rights marks this phase of negotiations, with F1, owned by Liberty Media, exploring other options, including Netflix. ESPN currently pays between $75 million and $90 million per year for the rights, with the current …