Netflix joins ESPN, Comcast, Amazon in hunt for Formula 1 rights - report
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Netflix (NASDAQ:NFLX) is among suitors who have been in pursuit of Formula 1 broadcast rights, Insider reports, in what would mark the streaming pioneer's first move into live sports coverage after some reluctance to enter that world.
Rights from Formula One (NASDAQ:FWONA) offer bang for the buck with a worldwide following and relatively lower rights fees vs. major American sports, and the rights at ESPN (NYSE:DIS) expire at the end of the year. ESPN and Netflix have been in talks with Formula One for months, according to the report, and Amazon.com (AMZN) and NBCUniversal (CMCSA) is also in the loop. (Comcast's Sky holds UK and Ireland Formula 1 rights through 2024.)
ESPN (DIS) has held U.S. Formula 1 rights since 2016, while NBCUniversal (CMCSA) had the rights for five years before that. The racing group is targeting $100 million, while Insider says ESPN's opening bid was in the $70 million range.
While Netflix (NFLX) has avoided live sports even as rivals like Amazon.com (AMZN) and Apple (AAPL) jump in on football and baseball broadcasts. But there's a more obvious path in Formula 1, as Netflix's Formula 1: Drive to Survive documentary series has marked a long-running hit, and boosted popularity in the sport.
Netflix began talks with the NFL in the spring - not about showing games, but rather "shoulder" programming like Drive to Survive, such as reality/documentary shows about the pro football league.