Disney signs deal to renew Formula 1 broadcast rights
Disney would pay between $75m and $90m a year for the rights in a three-year deal
Dubai: 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.
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 CEO, 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+.