Is Apple Closing In On Major F1 Broadcasting Deal?

With it taking on an existing agreement, ESPN paid no fee at the start of its tenure but fronted up $5 million a year from 2020 through to 2022's conclusion.

The exclusive negotiating window between F1 and ESPN expired earlier this year, though discussions are understood to have been ongoing ever since.

Deal announcement imminent

In the report from Puck newsletter's John Ourland, it is suggested that a deal confirmation between F1 and Apple is just over a week away. It is reported that a deal has been in the works since the summer and is expected to be an increase in value from the current mark of $90 million a year paid by ESPN to an estimated $140 million.

The newsletter states that there has been a holdup in negotiations, however, with regards to F1's in-house streaming service F1 TV.

Whereas ESPN shares its broadcast with the world feed coverage provided by Sky Sports UK, F1 TV offers an alternate presentation and commentary output.

Apple is apparently reluctant to allow this to continue if it is paying such a figure, and is hoping to come to an agreement that mirrors Sky's deal in the United Kingdom, where the streaming service displays heritage content only and not live broadcasts.

But the service has been profitable for F1 in the US market and it has therefore been reluctant to bring it to an end, producing the stalemate.

It will be Apple's most significant sporting broadcasting rights deal since signing a 10-year deal with Major League Soccer in 2022, worth some $2.5 billion.

An existing relationship is already held between the two companies with Apple Studios part of the production effort behind the box office hit F1 Movie, starring Brad Pitt, Damson Idris and Javier Bardem. The movie released earlier this year and has grossed over $600 million at the box office worldwide since opening.