Liberty Media's (FWONA) Formula One had initiated talks with Disney's (DIS) ESPN for its next US media rights deal as its existing contract runs out in a year, the Financial Times reported Thursday, citing people with knowledge of the matter.

Talks between F1 and ESPN have an exclusivity period until the end of the year, the FT reported. The two could still strike a deal after the exclusivity period, but it would expose ESPN to competition for screening rights.

The existing contract is worth $85 million a year to F1 and will run until the end of next season, and F1 is looking for a significant increase in the next deal, according to the FT.

F1 and ESPN did not immediately respond to MT Newswires' requests for comment.

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