Formula One gains amid report Apple TV may make multibillion offer for global rights
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Formula One Group (NASDAQ:FWONA) rose 9% amid a report that Apple (NASDAQ:AAPL) is considering a multibillion-dollar bid to gain global rights to broadcast the sport.
Apple TV (AAPL) is said to be evaluating an offer of $2 billion a year for the rights to broadcast Formula One on its streaming platform, according to a recent report from trade publication BusinessF1. That amount would be about twice what Formula One (FWONA) is being paid currently.
F1 may offer 25% exclusivity, though this may rise to 100% after five years, when the existing contracts expire, according to the report. 
Formula One (FWONA) declined to comment to the publication.
Last June, it was reported that Formula One Racing (FWONA) had agreed to renew its broadcast rights deal with ESPN (DIS) through 2025. Amazon (AMZN) and Comcast (CMCSA) were also reportedly competing for the broadcast rights.
Netflix (NFLX) has also had success and some say greatly increased the popularity of Formula One (FWONA) racing with its series "Drive to Survive." 
A potential deal comes as Apple TV has been trying to boost its sports lineup, and last June, Apple (AAPL) signed a landmark 10-year deal with Major League Soccer to air its media rights on its Apple TV+ streaming service.
Last month, the WSJ reported that Apple has enjoyed a boost in subscribers to both its Apple TV+ and MLS Season Pass streaming services, courtesy of international soccer superstar Lionel Messi joining soccer club Inter Miami. 

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