Formula 1's US media rights deal with ESPN nears end, renewal could reach jaw-dropping $180 million: Report

Formula 1’s media rights in the United States currently reside with ESPN, but the existing deal is nearing its end. This opens up fresh opportunities for renewal, with streaming giants like Netflix emerging as top contenders for what could be a blockbuster agreement. However, not many players have stepped into the race, as Formula 1’s parent company, Liberty Media, is reportedly seeking a deal worth between $150- $180 million per year—more than double what ESPN has been paying.

How much ESPN is paying Formula 1 for media rightsAccording to a Forbes report, ESPN has been paying Formula 1 between $75 million and $90 million annually since the latest deal was signed in 2023. Prior to that, ESPN held the broadcasting rights since 2018 but paid nothing for them. Formula 1 had also launched its global streaming service F1 TV and after seeing its viewership, ESPN began paying $5 million annually. Even if ESPN stops airing F1 races in the U.S., most fans will still be able to watch the sport on Netflix—an app many already subscribe to, but only if Netflix bags the deal.

Interestingly, ESPN’s contracts with other major American sports are significantly more lucrative. While its $2.8 billion deal with MLB has ended, the network still pays $2.7 billion annually to broadcast the NFL. The Forbes article also cites a report from Ampere Analysis, which estimates that the fair market value of F1's U.S. media rights is slightly above $100 million per year.

We can't wait to be back racing under the Jeddah nights 🌃 #F1 #SaudiArabianGP pic.twitter.com/XdZ8b4VgJ0

— Formula 1 (@F1) April 16, 2025

Although ESPN’s F1 viewership has plateaued at around 1.12 million viewers in the US, the sport itself has expanded significantly—thanks in large part to the Netflix docuseries Formula 1: Drive to Survive, which returned for its seventh season last month. That momentum is expected to continue with the upcoming release of F1, a new feature film starring Brad Pitt. Co-produced by F1 champion Lewis Hamilton, the movie is set to hit theaters worldwide in June.

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Now who will eventually bag the Formula 1 media rights in the US remains to be seen. Until then, the American F1 fans can watch the upcoming races on ESPN as usual. Next on the calendar is the Saudi Arabian Grand Prix in Jeddah. It is scheduled this weekend from April 18-20.