Netflix set to bid for Formula 1's U.S. TV rights

Netflix is set to enter a bid for Formula 1's U.S. TV rights, with the global streaming platform putting itself in the mix alongside ESPN, NBCUniversal and Amazon, according to Business Insider.

Grand Prix racing's growing popularity in America, triggered in large part by the success of the popular Netflix docu-series 'Drive to Survive', has stoked the interest of media groups and could lead to a bidding war for F1's broadcast rights in the U.S.

Commercial rights owner Liberty Media hopes to rake in $100 million from its rights deal for a country that will host an unprecedented three Grands Prix from next season, with Las Vegas joining Austin and Miami on the sport's calendar.

Disney-owned ESPN has held F1's broadcasting rights in the U.S. since 2018, while Netflix has always steered clear of acquiring rights for live sporting events.

But a recent drop in subscribers has compelled the company to find new revenue streams for its platform.

• Read also: Formula 1 doubles year-over-year revenue in Q1 2022

However, ESPN won't go down without a fight as the broadcaster is determined to keep F1 on its channels.

"We are aggressively pursuing a renewal," said Suchenski.

"We feel we have a distribution package and event presentation that can’t be matched in the industry, and the viewership and exposure growth they have received since returning to ESPN platforms in 2018 is reflective of what we can do for them.

"It has been a mutually beneficial relationship. Understandably, they are looking at other options.

"We had very good meetings with them in Miami recently and are in constant communication."

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