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ESPN pulled out of the bidding. Remember, they paid $0 for the rights between 2018 and 2020, $5 million/year between 2020 and 2022, and now ~$90 million between 2023 to 2025. ESPN wasn't going to make the LT commitment to F1 at higher cost and decided not to pursue a renewal.ESPN didn't want it. They made a bid that was easy to refuse. Same money.
Although F1 has been commercial free, there are sponsorships and graphics on the screen.