Apple bids for Formula 1 US streaming rights, Business Insider reports

FILE PHOTO: Apple logo is seen on the Apple store at The Marche Saint Germain in Paris, France July 15, 2020. REUTERS/Gonzalo Fuentes/File Photo

(Reuters) -Apple has submitted a bid worth at least $150 million a year for the U.S. rights to stream Formula 1 races starting in 2026, Business Insider reported on Friday, citing a source familiar with the negotiations.

The iPhone-maker is poised to win the rights as the leading bidder, the report said, as Walt Disney's ESPN, which currently holds the rights, will not try to match or beat it.