(Reuters) -Apple has submitted a bid worth at least $150 million a year to stream Formula 1 races starting in 2026, Business Insider reported on Friday.

Disney pays $85 million per year for the rights, and Formula 1 also charges fans directly for its own streaming service. Liberty Media, Formula 1's U.S. owners, hope that the Apple Original Film and Netflix's "Drive to Survive" documentary has increased the value of Formula 1.

The report follows the strong box office performance of Apple's high-octane racing film "F1: The Movie", which has grossed $293 million in its first 10 days, according to Variety and other outlets. The iPhone maker is challenging current U.