Apple close to inking deal for Formula 1 rights in America

Apple is on the verge of securing a groundbreaking deal to acquire Formula 1 broadcasting rights in the United States, potentially reshaping how American fans experience the sport.
John Ourand for Puck’s “The Varsity”:
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Apple’s F1 deal has been in the works since the summer, and I’m hearing the two companies are hoping to make a formal announcement about the deal in two weeks, during the U.S. Grand Prix in Austin. The number I keep hearing is $140 million per year for U.S. rights, a significant bump from the $90 million per year that ESPN currently pays.
The main holdup had been a dispute around Formula 1’s streaming service. Apple stuck to its original position that the racing circuit needed to shut down F1 TV in the U.S., and was reluctant to dole out $140 million on rights fees just to have the races carried on another streaming service. Because F1 TV is profitable in the U.S. market, Formula 1 has been hesitant to pull the plug. It’s not entirely clear where the two sides netted out on this, but it’s an area to watch when the deal finally gets announced.
Meanwhile, this will be Apple’s most significant sports rights deal since it signed a 10-year, $2.5 billion deal with the MLS three years ago.

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MacDailyNews Take: Live sports is where it’s at for added streaming service differentiation. This deal will also be nice U.S. support for the “F1: The Movie” sequel(s).

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