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

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·1 min read
In this article:
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  • 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 declineApple 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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