Formula One Gears Up for New U.S. Media Rights Deal

Formula One is in the midst of negotiating a new U.S. media rights deal with ESPN, with discussions currently in an exclusivity period. The existing contract has one year left, and both parties are in talks to finalize future broadcasting arrangements before the exclusivity period ends.

Formula One has initiated discussions with ESPN regarding the renewal of its U.S. media rights agreement, as reported by the Financial Times on Thursday.

The current contract holds just one more year, prompting both entities to engage in exclusive negotiations aimed at determining future broadcasting rights.

This period of exclusivity is set to conclude before the year's end, according to sources with direct insight into the matter.

(With inputs from agencies.)