Global glitz and glam racing circuit Formula One is currently exploring its media rights in the United States, with only modest interest. The fast-growing motorsport is seeking a new broadcast partner for 2026 after ESPN exited its exclusive negotiating period with Liberty Media, the owner of Formula One, late last year. According to a recent report from Isabella Simonetti of the Wall Street Journal, the circuit is asking for between $150 million and $180 million annually for its full-season package of races, although this is not an official asking price. However, a number of media companies have expressed that they are “lukewarm on the offering” at that price, including Netflix, Warner Bros. Discovery, Fox, Amazon, and NBC, who are not particularly interested in spending that amount annually on Formula One.
Despite the surge in popularity following the debut of Netflix’s Drive to Survive series, Formula One ratings on ESPN have remained relatively stable, with season-long viewership between 1.1 million and 1.2 million viewers per race since 2022. A research firm mentioned in the Wall Street Journal report estimates that the rights should be valued at over $100 million but not as high as the $180 million being requested, making it likely that Liberty Media will settle for a fee slightly below its asking price.
The U.S. media rights are not critical to Formula One’s financial success. The circuit is still in growth mode in the U.S. and aims to secure a deal that enhances accessibility for viewers, even if it means sacrificing some revenue. Liberty Media CEO Derek Chang stated that Formula One is “looking for the best mix of exposure to new fans and the highest-paying deal.” While Netflix “isn’t currently planning to bid,” ESPN “hasn’t completely ruled out new talks” even after exiting its exclusive negotiating window.
For potential bidders, price is the most significant consideration. The circuit’s race times often make viewership challenging in the U.S., leading to less perceived value. Nevertheless, the rights hold intrinsic worth beyond just TV audiences; Formula One races are famous for their glamour, allowing broadcasters to entertain high-profile clients at luxurious events, which can be enticing to certain bidders at the right price.
Formula One’s ongoing rights negotiations can be seen as a reflection of the broader live sports market. Networks are becoming more selective about the rights they choose to acquire and at what price. Besides high-profile leagues like the NFL or NBA, it’s increasingly difficult to secure substantial increases in media revenue for niche properties like Formula One. “The whole media world is a very fluid situation,” Chang remarked, and Formula One is certainly navigating that fluidity at this time.
