• F1 is “happy and comfortable” with current pace of discussions
  • Apple reported to have offered around US$150m-a-year for new deal

Formula One is “pretty far along” in talks with a US media rights partner, according to recent comments from Derek Chang, chief executive of the series’ parent company Liberty Media.

Talking at the Goldman Sachs Communacopia and Technology Conference, Chang provided the first public confirmation that negotiations on the next media rights deal are progressing – although he stopped short of mentioning Apple by name.

“I think it’s been pretty well-documented in terms of the negotiations, we are pretty far along, and we’re pretty happy and comfortable with sort of where we’re going to end up,” he said. “Hopefully we’ll have something to talk about relatively soon.”

Chang also noted that the current media landscape requires a more nuanced approach than a simple broadcast collaboration.

“Is your media partner even just a media partner, or are they also a sponsor?” he asked. “[If it’s the latter], they have other ways that they’re going to monetise and commercialise the relationship.”

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The most recent reports suggest that Apple has submitted a bit in the region of US$150 million per year to air Formula One in the US, something that incumbent broadcaster ESPN is not prepared to match. ESPN currently pays around US$90 million per season.

Following the success of its F1 movie starring Brad Pitt – which has now generated over US$600 million in the global box office – Apple sees an opportunity to capitalise on this popularity. The F1 movie will transition to its Apple TV+ streaming platform towards the end of this year, so offering the live rights from next season creates a clear pathway for new fans.

Formula One is currently averaging 1.35 million viewers through 15 races in 2025, the highest average audience at this stage of the season ever.

In this context, it’s interesting to see the series take a substantial risk on derailing this viewership momentum by switching from a traditional broadcaster to a streaming platform – it remains to be seen how much of an impact this will have.