Apple is said to be in the process of landing another big fish: the company is said to be negotiating exclusive streaming rights with Formula 1. Apple is said to be willing to pay around two billion dollars.
New sports deal for Apple TV+
This comes from an insider report. According to sports magazine Business F1, Apple is currently considering another potential sports deal for Apple TV+
The company reportedly wants to offer two billion dollars a year for the exclusive streaming rights to Formula 1 (details via GP Blog ).
Apple has already secured two sports deals: You can purchase MLB Friday Night Baseball and the MLS Season Pass on Apple TV+. These two sports could soon be joined by motorsport.
According to Business F1, Apple is currently working on an offer that the Formula 1 group “cannot refuse.” According to the source, the current offer of two billion dollars per year would be twice what the Formula 1 group currently receives for global TV rights.
Contracts are still running
What is unusual, however, is that the deal does not grant Apple full exclusivity from the start, but only a partial contract. Apple is initially expected to acquire around 25 percent of the entire streaming rights package. As existing contracts expire, the percentage would then gradually increase and reach 100 percent within five years – if that is what is wanted.
Formula 1 is not an entirely new field for Apple, as the company has already produced content for Apple TV+ in this area, including a documentary about seven-time world champion Lewis Hamilton. Apple CEO Tim Cook also waved the checkered flag at the US Grand Prix in October 2022.
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