Roku struck its first live sports deal in conjunction with CBS, and will begin airing the all-electric Formula E racing series in January.
The deal includes an expanded broadcast distribution deal with CBS, which next year will air five races featuring all-electric cars live on CBS television and simulcast on Paramount+. Both channels are already featured on Roku’s platform.
In addition, Roku will stream 11 races per season on its Roku “Sports Experience” hub launched in November.
Along with the live races, Roku will also add a library of content from Formula E library, more formally known as the ABB FIA Formula E World Championship, including a documentary series called “Unplugged,” along with race previews, highlights, replays and other content.
The financial details behind the arrangement were not disclosed.
Formula E brands itself as the “only sport certified net zero carbon since inception.”
The deal follows the first race at the Portland International Raceway in Oregon last Saturday. Formula E confirmed that the series will return to Portland in Season 10, when the new broadcast partnership will be active.
“We look forward to working together with Formula E, as well as our longstanding partners at CBS and Paramount+, to drive viewership to this programming and to connect new audiences with the exhilarating world of Formula E,” David Eilenberg, Roku Media’s head of content said in a statement.
“This is a powerful new partnership with CBS and Roku that will dramatically increase Formula E’s audience reach and maximize the discoverability of our programming in the USA,” said Aarti Dabas, Formula E chief media officer. “We value the strength of our ongoing relationship with CBS and are delighted to join forces with Roku and supercharge Formula E content on their market-leading platform.”
“Formula E is innovative and exciting racing, and we’re thrilled to expand our partnership and broadcast more live races across CBS and Paramount+,” said Billy Stone, Programming, CBS Sports.
The news did little to budge Roku’s shares. The stock slipped 22 cents to $62.72 in morning trading, but it up about 55% since the start of the year.
Shares of CBS parent Paramount Global gave up 19 cents to $15.38 in morning trading. The stock is down about 7% since this year.
