ESPN pulls out of F1 rights deal: NBC and Netflix emerge as top contenders – In a surprise turn of events, ESPN has reportedly decided not to renew its media rights deal with Formula One, despite speculation last year that the network would seek to extend its partnership with the global racing series. The decision leaves a major broadcast package up for grabs, with NBC and Netflix emerging as the frontrunners to secure the coveted rights.
According to a report from Puck’s John Ourand, ESPN, which currently holds the U.S. rights to Formula One, will not seek to renew its contract with the sport. The network currently pays an estimated $90 million a year for the rights, but F1 is reportedly seeking a significant increase in its next contract. With ESPN reluctant to commit to a more expensive deal, the network appears to have made a strategic decision to walk away.
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ESPN’s decision to pull out of F1 coverage
The move comes amid a wider pattern of ESPN re-evaluating its media rights commitments. The network has declined to renew deals with the Pac-12 Conference and Major League Soccer (MLS) in recent years. In addition, ESPN is currently considering whether to renew its existing contract with Major League Baseball, which carries a hefty $550 million annual price tag.
Despite its growing popularity in the United States, Formula One has not attracted the same television ratings as other major sports. The series averages about 1.1 million viewers per race on ESPN, a relatively modest figure compared to other properties in which the network invests heavily. Given these numbers, committing to an even more expensive deal may not have made financial sense for the Disney-owned network.
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NBC and Netflix: The leading contenders
With ESPN stepping aside, the Formula One rights package is now an open competition, and two major players have emerged as the frontrunners: NBC and Netflix.
NBC already has experience as an F1 broadcaster, having shown races in the United States from 2012 to 2017 before losing the rights to ESPN. The network has remained interested in bringing the sport back into its portfolio and, according to Ourand’s report, F1 executives met with NBC representatives in New Orleans during Super Bowl week to discuss a potential deal.
NBC’s interest in reclaiming F1 is not surprising. The network, which owns the Peacock streaming service, could use F1’s growing fan base to drive subscriptions. The sport’s global appeal and high-income demographic make it an attractive property for digital expansion, in line with NBC’s broader strategy to bolster its streaming platform.
If NBC secures the rights, it would likely mark a return to a familiar broadcast format. Under its previous contract, NBC Sports provided extensive pre- and post-race coverage and high-quality commentary. A move back to NBC could bring more in-depth analysis and coverage, potentially giving US fans a viewing experience similar to the network’s previous F1 broadcasts.
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Netflix: A game-changing move?
Perhaps the most intriguing possibility is Netflix entering the live sports market with F1. The streaming giant played a pivotal role in the explosion of F1’s popularity in the US with its documentary series Drive to Survive, which introduced millions of new fans to the sport and created a surge in American interest.
However, Netflix has been very selective when it comes to acquiring live sports rights. While the platform has experimented with sports-related content – such as partnering with WWE for its upcoming Raw broadcasts and producing various behind-the-scenes sports docs – it has yet to make a major commitment to airing live sporting events.
If Netflix were to successfully bid for F1 rights, it would mark a significant shift in its content strategy. The streamer would need to invest heavily in live broadcast infrastructure, commentary teams and production logistics to deliver race coverage on a par with traditional networks.
There’s also an element of irony in Netflix potentially entering the bidding war for F1 rights. Drive to Survive has been credited with driving up the sport’s valuation in the US, making it a much more expensive property than it was just a few years ago. In effect, Netflix would be paying a premium for a sport it helped popularise, an unusual but fitting twist in the evolving landscape of sports media.
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The bigger picture: ESPN’s broader strategy
ESPN’s decision to drop Formula One rights is part of a larger shift in how the network approaches sports media rights. As Disney faces financial pressures and shifting priorities, ESPN has become more selective in its bidding strategy. The network has shown a willingness to walk away from deals that no longer provide a strong return on investment.
The upcoming Major League Baseball rights decision is another example of this evolving approach. ESPN’s current MLB contract costs $550 million per year, a figure that far exceeds what it pays for Formula One. Given the network’s reluctance to renew F1 at a higher price, there is speculation that ESPN may take a similar stance with baseball, especially if the numbers don’t justify the expense.
While F1 is a growing sport in the US, it remains a niche property compared to other major leagues. The $90 million ESPN currently pays is already a substantial investment for a sport that averages just over a million viewers per race. The demand for an even higher fee may have been the tipping point for ESPN to pull out.
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What’s next for the future of F1 broadcasting in the US?
With ESPN out of the picture, Formula One will now turn its attention to finalising a new broadcast deal. The decision is likely to come down to two key factors: reach and revenue.
NBC offers a familiar and traditional television network with experience in F1 coverage. Its ability to integrate the sport into its wider programming, including Peacock, makes it a strong contender.
Netflix, on the other hand, is an innovative but riskier choice. If F1 chooses to partner with Netflix, it would be a bold step into the streaming era, potentially redefining how live sports are consumed in the US.
Regardless of which network secures the rights, the next chapter of F1’s media presence in the United States will be crucial in shaping the sport’s growth. Whether the sport sticks to a traditional broadcast model or pioneers a new approach with a streaming-first strategy, the decision will have long-term implications for F1’s trajectory in the American market.
For now, the bidding war is heating up and F1 fans in the US will be watching closely to see where the checkered flag drops next.
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With over 30 years of experience in Formula 1 as an insider journalist, I have built trusted connections across the paddock, from race engineers and mechanics to senior team figures. At The Judge 13, I and a handful of trusted colleagues share exclusive Formula 1 news, expert analysis and behind-the-scenes stories you will not find in mainstream motorsport media.
