Apple Expected to Win F1 Streaming Rights With $150 Million Bid

Apple is reportedly in the running to win the streaming rights to Formula 1 (F1) in the US. Currently, the iPhone maker has submitted a $150 million USD (around $205 million CAD) bid, according to Business Insider.

In the US, the broadcasting rights to F1 are owned by Disney’s ESPN. It’s reported that Disney is not willing to match or exceed Apple’s offer. Disney pays around $85 million USD (roughly $116 million CAD) each year to retain the streaming rights. Paying just over half of what Apple is willing to spend, Disney does not appear to be budging from its existing deal with F1. This places Apple in a good position to take over the broadcasting rights for the sport.

It’s claimed that other interested parties have also stepped up to the plate to bid on F1, including Netflix. However, as the report goes on the state that Apple has the leading bid in the US and is likely to be the one to win the bidding war.

If Apple does indeed succeed and win the US streaming rights, F1 will join the company’s growing slate of sports streaming on Apple TV+. The company currently hosts Major League Baseball and Major League Soccer on its streaming service. With F1 on the roster, Apple will continue to bolster its presence as a figurehead in sports streaming.

Apple’s interest in Formula 1 is compounded by its investment in F1: The Movie. The latest theatrical film from Apple Original Films (distributed by Warner Bros.) has become a box office success, reaping $55.6 million USD (around $76 million CAD) at the domestic box office during its opening weekend. The film has gone on to garner $393.4 million USD (around $538 million CAD) at the global box office.