Technology company Apple has made an attempt to purchase the broadcasting rights for Formula 1 in the United States.
The broadcasting rights for Formula 1 are valued at approximately $120 million for the upcoming year.
Formula 1's management has successfully targeted growth in the U.S. market, leading technology giant Apple to take action to acquire the broadcasting rights. Formula 1's current contract with its broadcaster ESPN ends at the end of this season.
Under the existing agreement, ESPN pays Formula 1 about $85 million annually. In the upcoming period, the broadcasting rights for Formula 1 are expected to be valued at a minimum of $120 million per year.
Apple also produced the Formula 1 movie that was released last month. The film, which grossed $300 million at the box office, has led to an increased interest in Formula 1 in the United States.
Previously, Apple had also acquired partial broadcasting rights for Major League Baseball (MLB) and Major League Soccer (MLS) in the U.S. This year, Formula 1's global broadcasting revenues reached a record level of $1.2 billion.
