Formula 1 Streaming License Could Be Major Catalyst For Netflix - Read Why - Netflix (NASDAQ:NFLX), Comcast (NASDAQ:CMCSA), Amazon.com (NASDAQ:AMZN), Walt Disney (NYSE:DIS)

Netflix, Inc NFLX, Walt Disney Company DIS ESPN, and Comcast Corp's CMCSA NBCUniversal bid for a new streaming license for Formula 1, likely to begin in 2023, the TechCrunch reports.
Amazon.com Inc AMZN Amazon Prime was also a part of the bid, the Insider reports.
ESPN acknowledged their aggressive pursuit of renewal as Formula 1 weighed other options.
ESPN was the rights-holder in the U.S. for F1, which will expire in 2022. ESPN has been the right-holder since 2017. NBCUniversal held the rights for the previous five years.
The F1 targeted $100 million for the rights.
ESPN submitted an opening bid of $70 million, well below the targeted figure.
Netflix's victory could prove a significant boost as it battled subscriber decline. Apple Inc AAPL and Amazon Prime forayed sports streaming by forging deals, while Disney and Warner Bros. Discovery, Inc WBD already owned a range of sports content.
Netflix's lack of an in-house sports negotiator could put them at a disadvantage.
Price Action: NFLX shares traded higher by 0.34% at $197.81 on the last check Tuesday.
Photo via Wikimedia Commons

Formula 1 Streaming License Could Be Major Catalyst For Netflix - Read Why