Media companies reportedly ‘lukewarm’ on Formula One rights

Global glitz and glam racing circuit Formula One is shopping its media rights in the United States to only modest interest.

The fast-growing motorsport is testing the waters for a new broadcast partner in 2026 after ESPN exited its exclusive negotiating period with Liberty Media, the company that owns Formula One, late last year.

According to a new report from Isabella Simonetti of the Wall Street Journal, the circuit is seeking between $150 million and $180 million annually for its full-season package of races, though that is not “an official asking price.”

However, a number of media companies are reportedly “lukewarm on the offering” at that price. Per Simonetti, Netflix, Warner Bros. Discovery, Fox, Amazon, and NBC are among the potential bidders that aren’t necessarily intrigued at spending between $150 million and $180 million per year on Formula One.

Since the circuit’s boom in the years immediately following the debut of Netflix’s Drive to Survive series, Formula One ratings on ESPN have stayed relatively flat. Since 2022, season-long viewership for Formula One has come in between 1.1 million and 1.2 million viewers per race.

One research firm cited in the Wall Street Journal‘s report suggests that Formula One rights are worth above $100 million, but not as much as $180 million, as the circuit is asking. As such, it’s likely that Liberty Media will settle for a fee slightly below its asking price.

U.S. media rights are not make-or-break in terms of Formula One’s bottom line. The circuit remains in growth mode stateside and would like to strike a deal that makes races easily accessible for viewers, even if it’d have to sacrifice a little media revenue to do so. Liberty Media CEO Derek Chang told WSJ that Formula One “is looking for the best mix of exposure to new fans and the highest-paying deal.”

As for potential bidders, Netflix “isn’t currently planning to bid,” per the report, but ESPN “hasn’t completely ruled out new talks,” despite exiting its exclusive negotiating window. For Formula One’s suitors, the most important factor seems to be price. The circuit, which airs much of its inventory at inconvenient hours in the United States, isn’t worth an overpay.

But there’s certainly value to these rights beyond the television audiences they attract. Formula One races are notorious for their celebrity, and being the U.S. rights partner affords broadcasters an ability to entertain high-level clients at a glamorous event. That element can be attractive to certain bidders at the right price.

In many ways, Formula One’s ongoing rights negotiations are a microcosm of what’s happening to the market for live sports writ large. Networks are being more judicious in what rights they are purchasing and for what price. Unless you’re the NFL or NBA, it’s becoming more difficult to secure significant increases in media revenue, especially for more niche properties like Formula One.

“The whole media world is a very fluid situation,” said Chang. Formula One is certainly experiencing that fluidity right now.