'Tech giant considers huge offer for exclusive broadcasting rights to F1'
Rumors
Apple is reportedly considering making a huge bid for Formula 1's global TV broadcasting rights. According to Business F1 Magazine, the tech giant has the pinnacle of motorsport in its sights and is willing to dig deep into their pockets to do so.
'Apple wants F1 broadcasting rights'
Apple reportedly want to start broadcasting Formula 1 through its own streaming service AppleTV+. According to the magazine, Apple is said to be considering an offer that the Formula 1 Group 'cannot refuse'. It is said to be $2 billion a year, roughly double what currently comes in for the global TV rights to the sport.
The degree of exclusivity offered would increase over the years. Initially, F1 is said to offer 25 percent exclusivity, but this could rise to 100 percent after five years, when the existing contracts expire. The deal offered by Apple would involve a fixed amount of money for seven years. The Formula 1 Group has not responded to the rumours.
The rumours follow another F1 project Apple is currently working on: the as-yet-untitled Formula 1 film about the fictional team APXGP. Brad Pitt plays the lead role of Sonny Hayes, a racing veteran making his comeback alongside young talent Joshua Pierce, played by Damson Idris. Javier Bardem plays a team owner in the film, to which Lewis Hamilton is contributing as a producer.