Now Streaming: Apple in talks to acquire U.S. rights to screen Formula 1

“Now Streaming” is The Fly’s weekly recap of the stories surrounding the biggest content streamers.

PLAYING THIS WEEKEND: Among this weekend’s new streaming content is season one of romantic comedy series “Too Much,” created by Lena Dunham and starring Megan Stalter and Will Sharpe. The series premiered on Netflix (NFLX) on July 10. Meanwhile, Apple TV+ (AAPL) subscribers can catch the first episode of season three of science fiction series “Foundation” this weekend.

APPLE/F1: Apple is in discussions to acquire the U.S. rights to screen Formula 1 as the company works to continue the success of its hit movie based on the race car series, Samuel Agini and Michael Acton of The Financial Times reported this week. Apple is challenging Disney’s (DIS) ESPN, which is currently Formula 1’s American broadcaster, when the contract becomes available next year, two people familiar with discussions said.

NETFLIX RECS: A number of securities analysts released new research notes on Netflix this week, staring with Seaport Research’s David Joyce on Monday, who downgraded Netflix to Neutral from Buy without a price target. The firm cites valuation and the time needed to execute against expectations for the downgrade. Seaport now sees less than 10% of upside in the shares. There is “plenty of the long-term opportunity” factored into the shares at current levels, and Netflix needs time to execute against the expectations in advertising, aggregating, launching experiences, and expanding share again, the analyst tells investors in a research note.

On Tuesday, Barclays raised the firm’s price target on Netflix to $1,100 from $1,000 and kept an Equal Weight rating on the shares as part of a Q2 earnings preview for the media group. Legacy media earnings could surprise to the upside to some extent, but the valuation debate will likely remain around corporate actions, the analyst tells investors in a research note.

A day later, KeyBanc raised the firm’s price target on Netflix to $1,390 from $1,070 and reiterated an Overweight rating on the shares as the firm believes the combination of live events, price increases, and an ad ramp support low double digit revenue growth over the medium term and nearly $40 in EPS by 2027. Near term, KeyBanc is mindful that Netflix’s year-to-date outperformance could create some volatility as investors wonder “What’s next?” post Wednesday and Stranger Things. In its view, Netflix’s track record of finding surprise content hits and new focus on live events should provide consistent engagement to support future monetization.

On Friday, Needham raised the firm’s price target on Netflix to $1,500 from $1,126 and kept a Buy rating on the shares. The increased fiscal 2026 estimates citing Netflix’s “strong” labor productivity trends. Of the nine large cap content creator companies Needham covers, Netflix reported the highest revenue per full time equivalent in fiscal 2024, at $2.78B. Netflix was materially more productive than Apple , Meta (META) and Alphabet (GOOGL), the analyst tells investors in a research note.

Meanwhile, JPMorgan raised the firm’s price target on Netflix to $1,230 from $1,220 and maintained a Neutral rating on the shares. The firm updated estimates and price targets in the internet space as part of a Q2 earnings preview. Estimate increases reflect better channel checks and favorable currency moves while higher share multiples reflect lower recession risk, the analyst tells investors in a research note.

Additionally, Piper Sandler raised the firm’s price target on Netflix to $1,400 from $1,150 and keeps an Overweight rating on the shares. The firm has raised revenue starting Q3 2025 following strong commentary from its checks. Piper has also raised incremental margins to better reflect historical trend.

ROKU UPGRADE: Earlier this week, KeyBanc upgraded Roku (ROKU) to Overweight from Sector Weight with a $115 price target. The firm says the combination of a budget shift and the company’s advertising innovation is creating “multiyear tailwinds.” Roku’s partnership strategy can sustain Platform growth and drive faster EBITDA growth than consensus contemplates, the analyst tells investors in a research note. KeyBanc believes the company is benefiting from secular drivers and monetization initiatives. It believes Roku’s “clean exposure” to the connected TV industry provides a compelling risk/reward profile.

ROKU PIPER: Meanwhile, Piper Sandler raised the firm’s price target on Roku to $84 from $65 and keeps a Neutral rating on the shares. The firm says it finds itself increasingly bullish on the prospects for Roku platform revenue in 2026. The expanded Amazon (AMZN) DSP partnership should help. The combination drives impressive U.S. CTV HH reach at 80MM and buying opportunities for advertisers look differentiated, Piper adds. The firm is raising its 2026 Platform revenue forecast to 12% year-over-year growth from 9% prior.

STOCK PLAYS: Other publicly traded companies in the space include FuboTV (FUBO), Warner Bros. Discovery (WBD), Comcast (CMCSA), Paramount (PARA), AMC Networks (AMCX), and Fox Corporation (FOX).