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F1
F1 Signs New Long-Term Agreement With Broadcaster Reported to be Worth $1.35 Billion
TL;DR
Formula 1 has signed a new long-term agreement with Sky Sports worth $1.35 billion, extending their partnership until 2034 for audiences in the UK, Ireland, and Italy. The deal significantly boosts F1's presence and viewership in these regions.
Key points
- F1 signed a long-term deal with Sky Sports worth $1.35 billion
- Agreement extends partnership until 2034 for UK and Ireland
- Viewership in the UK increased by 90% since Sky's involvement
Mentioned in this story
Sky Sports
Formula 1
Formula 1 has signed a new long-term agreement with Sky, extending its partnership to offer audiences in the UK, Ireland, and Italy access to the premier class of motorsports well beyond 2030. The multi-year deal is reportedly worth $1.35 billion (£1 billion).
The new agreement extends Sky Sports’ contract to 2034, which UK and Ireland audiences will be able to make use of, while fans in Italy will be able to watch Grand Prix racing on Sky until 2032.
While F1 has not revealed financial information, a report by RacingNews365 states that the deal is worth $1.35 billion (£1 billion). Sky’s earlier contract was slated to last until 2029. Now, the five-year deal until 2034 is worth $271 million per year (£200 million), totalling $1.35 billion over five years.
Sky has played a crucial role in the growth of F1 in the UK and Ireland since 2019, with total viewership increasing by a massive 90%. Viewership under 35 has increased 120%, while female viewership has more than doubled.
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f1
Speaking on the new agreement with Sky, F1 President and CEO Stefano Domenicali said in a statement:
“Sky has always been a dedicated, trusted, and passionate partner since we began our relationship many years ago.
Q&A
What is the value of the new F1 broadcasting deal with Sky Sports?
The new broadcasting deal with Sky Sports is reportedly worth $1.35 billion (£1 billion).
How long does the new F1 agreement with Sky Sports last?
The new agreement extends Sky Sports' contract with F1 until 2034 for the UK and Ireland, and until 2032 for Italy.
What impact has Sky Sports had on F1 viewership since 2019?
Since 2019, Sky Sports has contributed to a 90% increase in total viewership of F1 in the UK and Ireland, with a 120% rise among viewers under 35.
