Getty Image
In the last five years, the popularity of Formula 1 racing in the United States has grown exponentially. According to the Wall Street Journal, U.S. viewership for live F1 races on ESPN roughly doubled since 2018. That’s proved fruitful for the iconic sports network, which acquired the rights for free in 2018 and paid just $5 million from 2020-2022 before a massive jump to $90 million beginning in 2022.
But the network is now set to let the series walk away following the completion of the 2025 season. Liberty Media, which purchased Formula 1 in 2017, is reportedly asking in excess of $150 million per season for broadcast rights beginning in 2026. Not only is that too much for ESPN, but WSJ reports that the price is scaring off several of the expected bidders.
“ESPN walked away late last year from its exclusive negotiation window for a new package. Netflix, Warner Bros. Discovery WBD,” the report states. “Fox, Amazon.com and NBC are lukewarm on the offering, too—at least, at the current price, according to people familiar with those companies’ discussions.”
Liberty Media Mulling Options For Formula 1 American Television Rights
Since taking over control of Formula 1, Liberty Media expanded from one race on U.S. soil to three, including races in premier markets such as Miami and Las Vegas. The series also plans to add a second American team to the grid in 2026 with Cadillac set to enter the fold.
That comes after a lengthy saga involving the famed Andretti family, who attempted to re-enter the series in an ownership role only to be denied. But without a TV rights holder, the series finds itself in a state of limbo in the American market.
“The whole media world is a very fluid situation,” Liberty Media chief executive Derek Chang said of the situation.
Wall Street Journal reporters that ESPN ha not ruled out extending its deal with F1, but the two sides are reportedly not close to a deal anytime soon.