Formula 1 to extend its TV rights in Spain
Formula One has announced that Movistar+ have extended their TV rights agreement to exclusively show the full FIA Formula 1 World Championship until the end of 2023.
The announcement follows recent contract extensions that Formula One Management has achieved with its German, Russian and Slovakian partners, As the broadcasting fees are the most significant source of income alongside the race-hosting fees, this year has been a very fruitful period for Formula One despite the coronavirus-induced financial difficulties.
Movistar+ is the first platform in Spain and Andorra to have a dedicated 24/7 F1 Channel, guaranteeing unparalleled live coverage of all the Grands Prix in Ultra High Definition (4K). The channel also provides fans with a top weekly magazine show #Vamos Sobre Ruedas' which discusses all the latest action from the world of Formula 1.
The new agreement will also provide Movistar+ with gain enhanced digital rights to increase the sports offering on its digital and social platforms, ensuring fans have more access than ever before.
Commenting on the contract extension, Director of Media Rights Formula 1 Ian Holmes said: “We’re thrilled to extend our partnership with Movistar+ as they continue to provide outstanding and in-depth coverage of the sport.
„Spain is an important market for us, especially with such brilliant Spanish talent growing in the championship like Carlos Sainz and Fernando Alonzo making his much anticipated return next season. We look forward to continuing to grow our relationship with Movistar+ as the sport enters an exciting new era.”
2021 is set to become a special season for the Spanish fans as Fernando Alonso who triggered the enthusiasm in Spain with his world championship titles will make his comeback to Formula One. The Spaniard will join the Renault outfit – set to rebranded as Alpine – with which he scored his two championship titles in 2005 and 2006. On top of that, Carlos Sainz will leave his current team McLaren to join the sport’s most successful team Ferrari.
Sport Director of Movistar+ Juan Andrés García Ropero thinks that the contract has been extended at the best possible time. He said: "For Movistar to be able to extend our relationship with the F1 is great news.
„F1 is one of the most in demanded competitions from our customers, we have a dedicate a 24/7 channel, which has great dedicated content each weekend. This good news comes at the best possible time, with audiences rising at every Grand Prix and with a very exciting upcoming future, thanks to the return of Fernando Alonso and Carlos Sainz joining Ferrari”.
