Disney Signs Deal to Renew Formula 1 Broadcast Rights

Walt Disney Co. and Formula 1 have agreed on a multi-year deal to keep airing F1 races on ESPN.

Shiyin Chen

23 Oct 2022, 10:30 AM IST

MELBOURNE, AUSTRALIA - APRIL 10: Charles Leclerc of Monaco driving (16) the Ferrari F1-75 leads Max Verstappen of the Netherlands driving the (1) Oracle Red Bull Racing RB18 and the rest of the field round turn two at the start during the F1 Grand Prix of Australia at Melbourne Grand Prix Circuit on April 10, 2022 in Melbourne, Australia. (Photo by Mark Thompson/Getty Images)

(Bloomberg) -- Walt Disney Co. and Formula 1 have agreed on a multi-year deal to keep airing F1 races on ESPN.

At least 16 races will air on ABC and ESPN each season through 2025, according to a statement Saturday, which didn’t disclose the financial terms for the deal. Bloomberg reported in June Disney would pay between $75 million and $90 million a year for the rights in a three-year deal, up from $5 million a year previously.

Read more: Disney to Keep Formula One TV Rights at a 1,500% Premium

F1, which has long been popular in Europe, has gained traction among US audiences in recent years. Live telecasts this year are averaging 1.2 million viewers on ESPN, while the telecast of the first Miami Grand Prix on ABC reached 2.6 million people, a US record, according to the statement.

A race is taking place in Austin, Texas, this weekend.

“Formula 1 has seen incredible growth in the US,” Stefano Domenicali, Formula 1’s chief executive officer, said in the statement. “The addition of Las Vegas to the calendar next season, alongside Austin and Miami, will see us host three spectacular races there.

The agreement will also give ESPN the flexibility to show F1 content on its streaming service ESPN+.

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