Apple Races Towards Formula 1 Broadcast Rights

Apple Inc. is reportedly engaging in discussions to secure the U.S. broadcast rights for Formula 1, according to sources cited by the Financial Times. This move follows the impressive box office performance of its racing film, 'F1: The Movie,' which has already garnered $293 million globally in its opening days.

The tech giant is challenging current rights holder ESPN, owned by Disney, amidst a competitive field aiming to capitalize on the sport's surge in U.S. popularity, partly driven by Netflix's 'Drive to Survive' series. This strategic interest highlights Apple's ambition to expand beyond its existing technological ventures into sports broadcasting.

As ESPN's exclusive negotiation window with Formula 1 has closed, Apple now joins the likes of Netflix in running for the rights. Both Apple and Formula 1 have yet to provide a comment regarding the development, which could potentially reshape the sports broadcasting landscape in the United States.

(With inputs from agencies.)