Apple offered $2 billion for Formula 1 streaming rights

Samantha Wiley
By Samantha Wiley  - Senior News Editor
Formula 1

Apple is reportedly offering the Formula One Group $2 billion for exclusive streaming rights.

The Business F1 Magazine recently said that Apple will be presenting an offer ‘that the company cannot refuse.’ It’s believed that the Cupertino-based company is presenting a deal worth approximately $2 billion to gain global TV rights, apparently double than what Formula Group is getting right now. As outlined in the report, Apple will gradually have more rights as time goes on and when the existing contract expires.

Formula 1

In greater detail, Apple will have 25% rights to stream the sport and will go up to 100% after five years. It’s believed that Apple will pay the same sum during the years, with the fixed fee staying around for about seven years.

Apple has been steadily growing its sports-related content, with Apple TV+ users getting access to the MLS Season Pass and MLB Friday Night Baseball.

By Samantha Wiley Senior News Editor
Samantha is a senior news editor at iLounge. She has been covering the technology industry for over five years, writing about Apple, Google, and other major companies. Samantha has also worked as a reporter and editor for several other publications.