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Netflix Reportedly Enters Bidding for F1 Rights

Image credit: Netflix

As at least somewhat suspected, Netflix has entered into the bidding for broadcast rights to Formula 1-series auto racing, looking to unseat incumbent ESPN, TV rights for which end next season.

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According to Business Insider, Netflix is bidding against the Disney-owned incumbent, as well as Comcast/NBCUniversal and Amazon.

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Netflix has seen its sports docu series Formula 1: Drive to Survive punch the gas on audience for both the streaming platform and the racing series, the latter of which has enjoyed record-breaking attendance at events of late.

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And acquiring the live sports rights would certainly vault Netflix into a place within the video business it's never been before.

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But a successful bid won't be cheap. ESPN, which is currently paying $5 million a season, just put up a bid worth $70 million a campaign. However, F1's owner, Liberty Global, is said to be demanding around $100 million annually.

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Speculation that Netflix would get into the, er, F1 race quickened in January, when the streaming company paid $225 million for an F1-themed feature film project with Brad Pitt set as the lead, and Top Gun: Maverick's Joe Kosinski set to direct