Formula 1 Streaming License Could Be Major Catalyst For Netflix - Read Why

• Netflix, Inc (NASDAQ: NFLX), Walt Disney Company  (NYSE: DIS) ESPN, and Comcast Corp's (NASDAQ: CMCSA) NBCUniversal bid for a new streaming license for Formula 1, likely to begin in 2023, the TechCrunch reports.

• Amazon.com Inc (NASDAQ: AMZN) Amazon Prime was also a part of the bid, the Insider reports.

• ESPN acknowledged their aggressive pursuit of renewal as Formula 1 weighed other options.

• ESPN was the rights-holder in the U.S. for F1, which will expire in 2022. ESPN has been the right-holder since 2017. NBCUniversal held the rights for the previous five years.

• The F1 targeted $100 million for the rights.

• ESPN submitted an opening bid of $70 million, well below the targeted figure.

• Netflix's victory could prove a significant boost as it battled subscriber decline. Apple Inc (NASDAQ: AAPL) and Amazon Prime forayed sports streaming by forging deals, while Disney and Warner Bros. Discovery, Inc (NASDAQ: WBD) already owned a range of sports content.

• Netflix's lack of an in-house sports negotiator could put them at a disadvantage.

• Price Action: NFLX shares traded higher by 0.34% at $197.81 on the last check Tuesday.

• Photo via Wikimedia Commons

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