ESPN Reportedly Not Pursuing Renewal of F1 Broadcasting Rights
Seems like we're entering the last lap on the cable network.
ESPN will reportedly not be pursuing the renewal of broadcasting rights for Formula One racing after their current rights expire later this year.
What’s Happening:
- Reports are indicating that ESPN will no longer be pursuing broadcast rights for Formula 1 (F1) Racing once the network's media deal expires after the 2025 season.
- ESPN has aired F1 races since 2018 and is entering the final year of a three-year extension that reportedly has the network paying about $90 million per season for media rights.
- Reports also say that ESPN had anticipated last fall that other networks would offer competing bids, especially with the growing popularity of the sport in the United States, thanks in part to a Netflix series, Drive to Survive, which is entering its seventh season next month. High-profile races in Las Vegas and other locations have also helped boost the popularity of the sport.
- Indications suggest that NBC Sports and Netflix are potential replacements, especially considering that both reportedly met with F1 last week. NBC also makes sense, as they broadcast F1 from 2012 to 2017.
- The news breaks from Reuters, who also cites an interview with John Suchenski, ESPN's director of programming and acquisitions dating back to last August, where he said "There was (competition) the last time around, and it's kind of the downside of doing what we do really well and bringing a larger audience to these events and the success we've added. Unfortunately, the nature of the business is to create more demand and more competition."
- Even though F1 has been gaining popularity, with an average of 1.1 million viewers per race on ESPN, these numbers do not compare to those of other major sports events - thus causing ESPN to question the financial justification of increasing its investment in the sport, ultimately leading to its decision not to renew the agreement.
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