F1 currently licenses its product on a country-by-country basis. (Clive Rose/Getty Images)

Global technology giant Apple is reportedly set to bid for the global broadcast rights to motor racing's prestigious Formula 1 (F1) series. 

BusinessF1 magazine reported that Apple, which operates global streaming service AppleTV, is looking to bid for the global rights to the racing series in a deal that could cost as much as $2 billion per year.

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This would more than double the reported $936.6 million that F1 made from media rights fees in 2022.

The deal will reportedly see a “sliding scale of exclusivity” that would see Apple begin at 25% exclusivity and scale up to 100% control over the rights within five years, owing to the expiry of broadcast contracts over that time.

The deal would drastically change how F1 approaches media rights.

Currently, F1 licenses out media rights on a country-by-country basis, with certain TV networks carrying the season of races, or even individual races through sub-licensing deals, as is the case in the UK.

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Most recently, it was reported that F1 would continue to be shown in Spain by pay-TV operator Movistar Plus and streaming service DAZN.

F1 also licenses its own premium streaming service, F1 TV, to regional media companies. In September, Viaplay bought the rights to have F1 TV as a part of its subscription package in the Netherlands.

Apple has been investing heavily in sports media rights for AppleTV in recent years. Beginning with the 2023 season, Apple bought the rights to show every game of the US’ top-tier soccer league, MLS.

Apple pays $250 million per season in a $2.5 billion, 10-year tie-up with the league, which was agreed in June 2022.

Apple also holds the rights to Friday night baseball fixtures from Major League Baseball, which it shows behind a paywall.

Most recently, it has been reported that the Pac-12 US collegiate sports conference is measuring up the sale of its media rights to Apple in a deal that would take a subscription-based approach. Apple already operates the subscription service MLS League Pass as part of its deal with MLS.