Formula E Expands U.S. Media Deal With CBS, Paramount+; Will Be First Live-Streamed Sport On Roku

Global all-electric racing series Formula E has reached a partnership extension with CBS for more live races on linear television and via Paramount+. In addition, they have reached a new deal with Roku that will make Formula E the first live sport to be streamed via Roku-enabled smart televisions and mobile devices.

The deal announced on Tuesday will start in 2024 for Formula E’s 10th season. Financial terms were not revealed.

The announcement comes just two days after the sold-out Southwire E-Prix in Portland, Formula E’s only U.S. stop.

While the exact events on the schedule have not been revealed due to rounds 4, 5, and 13 still TBD, a total of five races will air live on CBS and simulcast on Paramount+ next year.

Starting next season, 11 ABB FIA Formula E World Championship races will be available on The Roku Channel and see prominent activation for the events through the Roku interface. Roku is a significant player in the smart TV and smart device space with over 70 million active users. According to a December report by Hypothesis Group, Roku is the #1 TV streaming platform in the U.S., Canada, and Mexico based on hours streamed.

“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,” said David Eilenberg, head of content for Roku Media.

On top of live race events streamed through Roku, the streaming platform will also have supporting Formula E content including the race docuseries "Unplugged”, race previews, highlights, and replays of all races.

Roku users that subscribe to Paramount+ will be able to watch races live through the Paramount+ app on Roku’s Sports Experience. In addition to the live races on CBS, CBS Sports Network will also show one highlights program per round in the series.

“This is a powerful new partnership with CBS and Roku that will dramatically increase Formula E’s audience reach and maximize discoverability of our programming in the USA,” said Aarti Dabas, Formula E’s 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.”

A robust streaming package had been an element lacking for Formula E given their core demographics. According to the global racing series, there are approx. 200 million Formula E fans worldwide. Of those, 61% of the Formula E audience is under the age of 45 where streaming is a preferred platform on traditional linear television. It also has a significant female fan demo with the highest-indexing sports league or championship where women represent 46% of ‘engaged’ Formula E fans, compared to 39% for Formula 1 and 35% for the Premier PINC League.

On CBS Television Network, the series through 12 rounds is currently tracking up +7% compared to the full race schedule last year.

“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 for CBS Sports.

In an exclusive interview with me for Forbes at Saturday’s Portland event, Jeff Dobb’s the new CEO of Formula E was excited about the prospects of the new media partnerships. Dodds, who was most recently with Virgin Media O2, knows the value that expanding Formula E’s media partnerships means in a competitive space for sports properties.

“I think this extended partnership is massively significant that we’re taking our sustainable racing product to over 70 million households in the US directly into their homes,” Dobbs said. “I see it as a brilliant way of exposing people to this super competitive, super sustainable racing.”