Apple, Formula 1 Finalizing $140M Streaming Deal for Announcement in Two Weeks [Report]

Apple and Formula 1 are reportedly hoping to make a formal announcement for a U.S. streaming rights deal in the next two weeks, coinciding with the U.S. Grand Prix in Austin. According to John Ourand of Puck News, the agreement is said to be worth around $140 million per year.

The reported price of $140 million a year would be a significant bump from the $90 million ESPN currently pays. This is not the first time Apple's interest has been reported. Talks were first reported by the Financial Times in July, with another report suggesting Apple had submitted a bid of at least $150 million.

The main holdup in negotiations has been a dispute over Formula 1's own streaming service, F1 TV. Apple reportedly stuck to its position that the racing circuit needed to shut down the service in the U.S. to ensure exclusivity. Because F1 TV is profitable in the American market, Formula 1 has been hesitant to pull the plug. The report notes it is not yet clear where the two sides have landed on this issue.


The deal would be Apple's most significant sports rights package since it signed a 10-year, $2.5 billion deal with Major League Soccer three years ago. The company already has a deal with Major League Baseball to broadcast games on Friday nights and has been actively bidding for other sports, including MLB's 'Sunday Night Baseball.'

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[via 9to5Mac]