(Bloomberg) — Formula 1 signed a 10-year deal with Qatari sports broadcaster BeIN for exclusive coverage of its races across 25 countries in the Middle East, Africa and Turkey. 

The agreement kicks off with this weekend’s Grand Prix in Bahrain, which marks the start of the 2024 season, the companies said in a statement Wednesday. The deal is worth more than $500 million, according to a person familiar with the matter. 

The deal represents a rapprochement in the region between the car racing event and the Qatari broadcaster. The two parted ways in 2019 when BeIN said it wouldn’t renew its contract for Formula 1 in the Middle East and Africa after its services were banned in the region and its content was pirated by a rogue broadcaster.

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Formula 1, which is owned by John Malone’s Liberty Media Corp. cable and entertainment empire, will create content with BeIN for viewers in the Middle East, Africa and Turkey, according to the statement. Doha in Qatar will be come a regional content production hub, the companies said.

BeIN, the largest sports broadcaster in the Middle East, also carries F1 in 10 Asian territories. In 2022, Bloomberg News reported it attracted bid interest from Saudi Arabian investors before talks collapsed.

Formula 1’s 2024 season will have a record 24-race calendar, starting in Bahrain and followed by Saudi Arabia in March, with Qatar and Abu Dhabi also hosting from the Middle East.

(Updates to add content partnership in fourth paragraph. An earlier version corrected the year that BeIN, F1 parted ways in third paragraph.)

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