F1 Renews Rights Deal with ESPN Through 2025

According to the Sports Business Journal, F1 has agreed to renew its rights deal with ESPN through 2025.

What’s Happening:

While the three-year deal with Disney’s ESPN still doesn’t have a signed contract, the racing series told Amazon and Comcast executives on Friday that neither company's bid was going to be accepted.
SBJ sources say that ESPN has agreed to pay around $75-90M per year for the rights.
Currently, ESPN pays in the neighborhood of $5M per year for the rights, having signed a 3-year/$15M deal in 2019.
ESPN’s deal gives the media company flexibility to put a small, but undetermined number of races exclusively on its ESPN+ streaming service. Most races will be carried on linear television, either ABC or ESPN, sources said.
F1 found a robust market for its media rights thanks largely to increasing television viewership that has resulted in around 1.0 million viewers per race.

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