- Netflix, Inc (NASDAQ:NFLX), Walt Disney Company (NYSE:DIS) ESPN, and Comcast Corp's (NASDAQ:CMCSA) NBCUniversal bid for a new streaming license for Formula 1, likely to begin in 2023, the TechCrunch reports.
- Amazon.com Inc (NASDAQ:AMZN) Amazon Prime was also a part of the bid, the Insider reports.
- ESPN acknowledged their aggressive pursuit of renewal as Formula 1 weighed other options.
- ESPN was the rights-holder in the U.S. for F1, which will expire in 2022. ESPN has been the right-holder since 2017. NBCUniversal held the rights for the previous five years.
- The F1 targeted $100 million for the rights.
- ESPN submitted an opening bid of $70 million, well below the targeted figure.
- Netflix's victory could prove a significant boost as it battled subscriber decline. Apple Inc (NASDAQ:AAPL) and Amazon Prime forayed sports streaming by forging deals, while Disney and Warner Bros. Discovery, Inc (NASDAQ:WBD) already owned a range of sports content.
- Netflix's lack of an in-house sports negotiator could put them at a disadvantage.
- Price Action: NFLX shares traded higher by 0.34% at $197.81 on the last check Tuesday.
- Photo via Wikimedia Commons
