Brazilian Globo Group has recently announced its decision not to renew the TV rights agreement of Formula 1, the highest motorsport competition worldwide, for the 2021 season. The current agreement for Brazil, through which Globo broadcasts the races, classification and trainings on FTA TV (TV Globo) and pay TV (Sportv), is scheduled to finish at the end of this year According to different sources, Globo did not agree to pay the amount of money requested by Liberty Media, owner of Formula One Group.
This news is added to those previously announced, regarding Globo’s decision to also finish its current partnership agreement with Conmebol to broadcast the Copa Libertadores in Brazil. In addition, it put the broadcasts of the next World Cup at risk, to be played in 2022 in Qatar. In this last case, the Brazilian Group requested the Swiss Justice to re-discuss the terms of the agreement and, if it does not get a favorable resolution, it could lose the rights to broadcast the next World Cup in Brazil.
‘As part of the review of its rights portfolio, Globo decided not to renew the Formula 1 broadcasting rights from 2021 on. In spite of not owning the broadcast of the races TV rights, Globo will continue covering the category on its various platforms’, the Brazilian company reported in a statement.
According to specialized websites in Brazil, after Globo’s decision, the main company that is heading to acquire the Formula 1 rights in the country is Rio Motorsports, which already has the license in Brazil to broadcast the MotoGP, main motorcycling competition on a global scale. The rights would be sold to any Brazilian TV company that is interested in acquiring them.