Formula 1 has made a break with a huge long-term broadcasting contract, announcing that it has signed a new deal with Sky worth £1billion+.
This agreement extends Formula 1’s current contract with Sky Sports until 2034, replacing the current one running through 2029, confirming the continued presence of Formula 1 on Sky’s platform into the next decade as the global popularity of Formula 1 grows massively.
In addition to the above deal, there has been a separate extension with Sky Italia that will see the continued broadcast of F1 until 2032.
Formula 1’s Billion-Pound Broadcast Agreement
Reports indicate that the new deal between F1 and Sky is likely to provide an annual value of £200 million over 5 years, bringing the total value of the agreement to nearly £1 billion.
The previous six-year deal negotiated for the period 2023-2029 had an estimated annual value of approximately £129 million.
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The growth of F1 as a business over the past few years, particularly in the United Kingdom and Europe, where viewing figures via TV and digital platforms have increased dramatically, is reflected in this extension.
Stefano Domenicali Praises Sky Partnership
Stefano Domenicali welcomed the agreement and highlighted Sky’s role in helping Formula 1 expand its reach among fans.
F1 CEO and President Stefano Domenicali said,“Sky has always been a dedicated, trusted, and passionate partner since we began our relationship many years ago, Their world-leading approach to live broadcasting, content creation, and behind-the-scenes analysis led by a truly amazing group of on-screen talent has made the difference in continuing to grow our sport in the UK, Ireland, and Italy, and I am delighted we will be taking our partnership into the next decade.”
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“I want to thank Dana [Strong, CEO] and all the team at Sky for their determination to get this deal in place and to continue to bring the excitement of Formula 1 to our passionate fans.”
Sky Calls Formula 1 A Major Part Of Its Future
Dana Strong, CEO of Sky, also reacted to the new agreement and stressed the broadcaster’s commitment to F1 coverage moving forward.
He said, “We’re proud of the role we’ve played in supporting the sport’s growth through world-class storytelling, innovation and long-term investment.”
“This new agreement secures Sky as the home of Formula 1 for years to come, as the sport enters an exciting era with more British talent on the grid and rising stars like Kimi Antonelli.”
“I want to thank Stefano and the F1 team for our continued partnership, which we’re excited to build on in the years ahead.”
The new deal arrives at a time when Formula 1 is witnessing massive global expansion both commercially and digitally.
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The sport has attracted a younger audience in recent years, helped by increased social media presence, behind-the-scenes content, and growing interest in emerging stars across the grid.
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