iWorld
Disney, ESPN & Formula 1 extend relationship with new, multi-year contract
Mumbai: In the midst of what is on track to be a record-breaking season of viewership, Walt Disney Co, ESPN and Formula 1 have extended their relationship with a new, multi-year contract. This will keep F1 races on ESPN Networks in the US through the 2025 season.
The renewal was announced at the Formula 1 Aaramco United States Grand Prix 2022 at Circuit of the Americas in Austin, Texas. This is the second of the two US stops for F1 during the 2022 season.
Under the renewal, at least 16 races will air on ABC and ESPN each season, more than in the previous five years since F1 returned to ESPN networks in 2018. Also, all race telecasts on ABC, ESPN and ESPN2 will continue the commercial-free presentation used over the past five seasons, a format that has set ESPN’s coverage apart and proved very popular with viewers.
The new agreement also includes expanded direct-to-consumer rights, giving ESPN flexibility to roll out additional ways for fans in the US to consume F1 content over the next three years, including on ESPN+, with details to be announced later.
Formula 1 returned to its original US television home in 2018 – the first race ever aired in the country was on ABC in 1962. F1 races also aired on ESPN from 1984-1997.
“Formula 1 and ESPN have been a strong and successful team and we’re delighted to extend our relationship. We look forward to serving fans in some new and innovative ways in the next three years as we continue to bring the reach and relevance of the Walt Disney Company networks and platforms to Formula 1,” said ESPN president of programming and original content Burke Magnus.
After setting a record in 2021 for the most-viewed F1 season ever on US television with an average of 9,49,000 viewers per race, the average has moved into seven figures in 2022. Through 18 races, live F1 telecasts are averaging 1.2 million viewers on ESPN networks – with multiple events attracting race-record television audiences.
Earlier this year, the telecast of the inaugural Miami Grand Prix on ABC generated an average viewership of 2.6 million, the largest US audience on record for a live F1 race.
“We are delighted to announce that our partnership with ESPN will continue. Formula 1 has seen incredible growth in the United States with sold out events and record television audiences, and the addition of Las Vegas to the calendar next season, alongside Austin and Miami, will see us host three spectacular races there. The ESPN networks have played a huge part in that growth with their dedicated quality coverage. We are excited to expand our relationship and continue to bring the passion and excitement of Formula 1 to our viewers in the US together” said Formula 1 president & CEO Stefano Domenicali.
“After Formula 1 returned to the ESPN networks five years ago, the popularity of the sport has grown impressively. The extension and expansion of our partnership is a reflection of exciting times ahead and a result of our shared desire to bring Formula 1 to as broad and diverse an audience as possible in the U.S. The popular commercial-free broadcasts ensure that viewers continue to engage with F1 before, during and after the race. From next year we will have six races in the Americas, which means more favourable time zones to fans in the region, making the Formula 1 offering more compelling than ever,” said Formula 1 director of media rights and content creation Ian Holmes.
All race weekends will continue to include live telecasts of all three practice sessions and qualifying (including the F1 Sprint) as well as pre-race and post-race coverage. The new agreement includes an increased focus on qualifying, with more sessions airing on ESPN or ESPN2.
ESPN Deportes will continue as the Spanish-language home of F1 in the US and ESPN’s coverage of F1 also includes a dedicated site that reports on the championship year-round.
In addition, ESPN studio shows including SportsCenter will continue on-site coverage from races in the US, including the new event in Las Vegas for 2023, with coverage at other races potentially added. ESPN also will be creating additional ancillary programming on its platforms to support its F1 coverage over the next three years.
During each of the five seasons that F1 has been on ESPN networks since its return, the amount of F1 content on ESPN television and digital platforms has steadily increased. This year, the Sky Sports F1 programs Ted’s Qualifying Notebook and Ted’s Race Notebook were added, airing on ESPN3 during race weekends, and the video podcast programme Unlapped began appearing on the ESPN YouTube channel.
iWorld
Tips Music CEO Hari Nair to step down
Girish Taurani and Sushant Dalmia to jointly steer the company as the hunt for a new chief begins
MUMBAI: A leadership shuffle is under way at Tips Music. Hari Nair, the company’s chief executive, will step down on April 30 as the music label begins the search for a successor.
The company said Girish Taurani, executive director, and Sushant Dalmia, chief financial officer, will jointly oversee operations during the transition while the board identifies a permanent replacement.
Nair joined Tips Music in 2023 and set about reshaping the veteran music label into a more digital, data-led enterprise. During his tenure, the company secured licensing and partnership deals with global platforms including Sony Music Publishing and TikTok, while renewing agreements with Warner Music Group.
Drawing on earlier experience in technology and entertainment, including a stint at ByteDance, Nair pushed the organisation towards a performance-driven culture. He built a brand partnerships division and introduced proprietary software systems aimed at strengthening digital distribution and data capabilities.
Kumar Taurani, chairman and managing director, credited Nair with embedding a data-led culture within the company and driving revenue growth in line with shareholder commitments.
In his resignation note, Nair said that after helping transition the label into a modern, digitally focused and process-driven organisation, the time had come to pursue his next leadership challenge.
The leadership change comes as the broader Tips Films group shows signs of financial stabilisation. In the third quarter of FY26 the company reported a net loss of Rs 2.86 crore, narrowing sharply from Rs 14.2 crore in the previous quarter. For the nine months ended December, losses stood at Rs 12.37 crore.
Yet revenue told a more volatile story. Income from operations slid to Rs 4 crore in Q3 FY26 from Rs 56 crore in the preceding quarter, taking total operating income to Rs 4.56 crore.
For a company built on a catalogue of more than 34,000 tracks and decades of Bollywood hits, the next chief will inherit both a digital engine and a volatile music market. The playlist may be familiar, but the next act at Tips Music is only just beginning.
