Formula 1 has struck yet another new media rights deal as viewership skyrockets in several countries.
F1 has extended its current deal with French network Canal+ until 2029, the two announced Wednesday.
The rights fee will see a major increase, according to a report from L’Equipe.
- Canal+ first began broadcasting F1 in 2013 and signed its most recent deal in 2021.
- L’Equipe reported that the current deal is worth about $65 million.
- One new addition to the programming will include access to F1TV Pro.
The news comes as F1 parent company Liberty Media is also expecting major competition for U.S. rights to the league. Earlier this week, president and CEO Greg Maffei told CNBC that “we have a lot of interest.”
Ratings Frenzy
Since at least 2019, F1 viewership has steadily increased on Canal+. In 2021, an average of 1.14 million viewers tuned in to each Grand Prix, up 18% compared with the 2020 season.
The first two Grand Prix this year have also rated in the top five in Canal+ history for F1.
In fact, ratings across all of France increased 48% last year. The trend also extended to the Netherlands, Italy, and the U.S.
