Formula One Enters Negotiations with ESPN for U.S. Media Rights Deal Exclusive Talks Underway Ahead of Existing Contract's Expiry

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Formula One has begun negotiations with broadcaster ESPN for a new U.S. media rights agreement as the current contract enters its final year, according to a report by the Financial Times on Thursday.

The report, citing sources familiar with the matter, revealed that the two parties are in an exclusivity period for discussions, which is set to end before the close of the year. This phase of talks is critical in determining whether ESPN will retain its broadcasting rights, amid the sport’s surging popularity in the U.S. market.

Formula One has witnessed remarkable growth in the United States, fueled by the success of Netflix's Drive to Survive series and the addition of high-profile races such as the Miami and Las Vegas Grands Prix. The next media rights deal is expected to capitalize on this momentum, potentially involving higher stakes and increased competition from other broadcasters.

Neither Formula One nor ESPN has commented publicly on the progress or details of the ongoing negotiations. However, industry experts believe that securing a favorable deal will be pivotal in maintaining the sport’s upward trajectory in one of its fastest-growing markets.