Netflix is considering a bid for Formula One's U.S. broadcasting rights from the 2026 season, according to media reports Friday, at a time when the streaming giant is making significant investments to grow live sports content.

A potential deal could enable Netflix to leverage the success of its hit docu-series "Drive to Survive," which has significantly increased Formula One's global popularity by providing an engaging behind-the-scenes look at the sport.

ESPN currently holds the broadcast rights for Formula One in the U.S. through the 2025 season.

The broadcaster's exclusivity period to negotiate a new contract with F1 has just expired, sources confirmed to Reuters, opening the market for bids from any other interested party.

ESPN, Netflix, Liberty Media and F1 did not immediately respond to Reuters' requests for comment.

Netflix has increased its investments towards acquiring live sports content, including high-profile events such as the Mike Tyson-Jake Paul boxing match, aiming to diversify its portfolio and attract a broader audience.

The streaming giant paid more than $5 billion to be the exclusive home of World Wrestling Entertainment's Raw in several territories from January this year.

The company's foray into live sports is expected to drive subscriber growth and enhance its advertising revenue, as live events tend to draw large, engaged audiences.

The news was first reported by The Times, followed by The Athletic.