ESPN and Formula 1 announced a contract extension over the weekend that will see the network continue to carry the racing series broadcasts for three additional years, through the 2025 F1 season.
The new deal will see ESPN pay $85 million annually to the series, according to a report from Sportico. Previously, the network paid $5 million for the schedule, which mostly sees races airing Sundays in the early to late morning window in the Eastern Time Zone.
As part of the deal, at least 16 races will air on ABC, ESPN, and ESPN2. The 2023 Formula 1 calendar currently has 24 races scheduled, leaving some to air exclusively on ESPN+, should the network decide to do so.
Formula 1 races have aired commercial-free on ABC, ESPN, and ESPN2 and that will continue during the upcoming contract. Also included in the updated contract are all race weekend events, including all three practice sessions and qualifying, as well as F1 Sprint races.
“Formula 1 and ESPN have been a strong and successful team and we’re delighted to extend our relationship,” said Burke Magnus, ESPN President, Programming and Original Content. “We look forward to serving fans in some new and innovative ways in the next three years as we continue to bring the reach and relevance of the Walt Disney Company networks and platforms to Formula 1.”
F1 races have averaged 1.2 million viewers in 2022. That number represents a 26% increase in audience compared to 2021.
The 2023 Formula 1 season will see an American driver, Logan Sargeant, enter the series. The 21-year-old Sargeant — if he can secure enough points for an F1 Super License — will serve as the first full-time driver from the United States since 2007. The season will also see the debut of the Las Vegas Grand Prix, which will run on the streets of the famous Las Vegas Strip in November of next year.
Amazon Prime Video reportedly offered Formula 1 a $100 million annual offer, but the racing series valued a linear television audience. The Sportico report also claims Comcast made an unsuccessful bid for the rights. It did not report, however, on whether Netflix made an offer.