Greg Maffei, the president and CEO of Formula 1’s parent company Liberty Media, said the motorsport circuit will command a higher price for its next U.S. broadcast rights deal.

Maffei told CNBC that “we have a lot of interest” and several broadcasters are in the mix. “And it’s likely to be at a much better price for us that’s hopefully still good for our broadcast partners too.”

ESPN has held U.S. rights to Formula 1 since 2018, replacing NBC. In November 2019, the network agreed to a three-year extension with ESPN, which runs through this year. In August 2021, ESPN made it clear it wanted to continue its partnership beyond 2022. 

• NBC paid $4 million annually from 2013 to 2018 to broadcast Formula 1, but ESPN is currently not paying an annual fee.
• Disney-owned ESPN also does not currently produce the Formula 1 races, but carries British Sky Sports broadcasts. 

The 2021 Formula 1 season averaged 931,000 viewers on ESPN through its first 14 races, a 50% increase compared to the 2020 season. Through two races this season, Formula 1 is averaging 1.4 million viewers on ESPN, a 47% uptick compared to the same period last year. 

Fast Paced

Liberty Media, which is also the parent company of the Atlanta Braves and SiriusXM, generated $11.4 billion in total revenue in Q4 2021 across its three divisions. The company’s Formula One Group pocketed $787 million during the quarter, a 62.3% increase year-over-year.

Maryland’s efforts to keep the Washington Commanders in Landover were highlighted on Monday after a legislative committee approved the state’s first public bid.

The proposal, which includes $400 million for the area around FedEx Field, would see the state use the Maryland Stadium Authority to funnel state lottery cash to Prince George’s County. One caveat: The money can’t be used to build a stadium.

Instead, the county would build infrastructure and a “sports entertainment facility” in the surrounding area. 

• If the Commanders opt to move elsewhere, the county would reportedly still be able to use the money. 
• Team owner Daniel Snyder reportedly already owns more than 200 acres surrounding the venue.

The team is reportedly looking at three different Virginia locations, but those plans would include building a domed stadium and entertainment district. All three locations are at least 27 miles from the Capitol.

Commanders Controversy

The proposal comes as the Commanders continue to face allegations of financial improprieties. Front Office Sports reported that the club and Snyder allegedly withheld ticket sales revenue that is to be shared with visiting teams — 40% of net ticket sales is required to go to the NFL. 

The Commanders also received criticism for its hostile work environment, which the House Oversight Committee “continues to investigate.”

The brands featured during this year’s NCAA Division I basketball tournaments received multimillion-dollar platforms — even outside of commercials.

Men’s and women’s March Madness delivered more than $410 million worth of media exposure value for featured brands in telecasts, according to a report by Elevate Sports Ventures and Hive. 

That’s more than double the delivery for Super Bowl LVI, which generated an estimated $170 million.

• The companies that benefited the most included NCAA corporate sponsors, apparel brands, and equipment providers. 
• Together, Capital One, Coca-Cola, AT&T, Nike, and Spalding earned 56% of all media value.
• Capital One led the women’s tournament with 13 hours and 25 minutes of exposure, while AT&T led the men’s with nine hours and 13 minutes.

In all, companies received about 187 total hours of exposure during all 134 men’s and women’s games.

A previous report noted that men’s games generate more value than women’s, as viewership numbers — and therefore the cost of a spot — is higher. This year’s women’s ratings skyrocketed, with the championship game peaking at almost 6 million viewers. It averaged 18% more than 2021, and 30% more than 2019.

Early-Round Value

From the last day of the women’s second round onward, both tournaments generated $245 million in exposure. Elevate and Hive found that up to that point, $165 million had been generated.

An early-round winner for product placement was the basket stanchion arm, which helped Spalding earn the most exposure time of any brand during early rounds.