FWONB - Netflix joins ESPN Comcast Amazon in hunt for Formula 1 rights - report

Netflix (NASDAQ:NFLX) is among suitors who have been in pursuit of Formula 1 broadcast rights, Insider reports, in what would mark the streaming pioneer's first move into live sports coverage after some reluctance to enter that world. Rights from Formula One (NASDAQ:FWONA) offer bang for the buck with a worldwide following and relatively lower rights fees vs. major American sports, and the rights at ESPN (NYSE:DIS) expire at the end of the year. ESPN and Netflix have been in talks with Formula One for months, according to the report, and Amazon.com (AMZN) and NBCUniversal (CMCSA) is also in the loop. (Comcast's Sky holds UK and Ireland Formula 1 rights through 2024.) ESPN (DIS) has held U.S. Formula 1 rights since 2016, while NBCUniversal (CMCSA) had the rights for five years before that. The racing group is targeting $100 million, while Insider says ESPN's opening bid was in the $70 million

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Netflix joins ESPN, Comcast, Amazon in hunt for Formula 1 rights - report