Would consider buying F1 if Netflix was on sale

Would consider buying F1 if Netflix was on sale

According to streaming service CEO Reed Hastings, Netflix would consider an offer to buy Formula One if it was put up for sale.

A few years ago F1 was sold to Liberty Media in an $8 billion deal and has changed significantly since then, with more openness to streaming and social media, among other things. However, the broadcast agreement remained largely unchanged, with traditional television companies holding most of the rights to the range’s live broadcasts.

Although F1 has launched its own streaming service, F1 TV Pro, it is unavailable in several key markets such as the UK, where Sky Sports has a long-term exclusive agreement. This reduced the sport’s popularity in the country, with TV ratings dropping significantly when it was broadcast on the BBC and ITV.

On the other hand, F1 has seen a rise in popularity in other regions where it remains easily accessible, thanks in large part to Netflix’s original ‘Drive to Survive’ series, a documentary series that follows the category and major talking points. does. Season.

It was a huge success not only for F1, but also for Netflix, with the series often ranked among the most-watched shows produced by the streaming giant.

Speaking on the topic of live sports, which Netflix has touted unlike one of its rivals Amazon Prime, Hastings explained that they will only move into this area if they control the category completely.

“At Netflix, we entertain, not journalism,” Hastings told Der Spiegel. “We keep our hands off live sports.”

“With sports broadcasting, we don’t have control over the source. We can’t do business with anyone we want. But this type of control will be a prerequisite to be able to provide our customers with a secure business.”

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He then suggested that if Netflix were for sale it would consider buying the F1 rights.

“A few years ago, the rights to Formula 1 were sold,” he said. “At that time we were not among the bidders, but we will definitely consider it now,” he said.

About the author: Will Smith

Will covers public and private tech markets from New York. He was previously a Knight-Bagehot Fellow in Economics and Business Journalism at Columbia University, and prior to that was a reporter at the Los Angeles Business Journal. He has received a Journalist of the Year award from the L.A. Press Club and an investigative reporting award from the Society of American Business Editors and Writers.

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