Pay-television broadcaster beIN Sports is finalising a multi-year deal beginning in 2023 for Formula 1 rights across its Asian markets, SportBusiness reports.

BeIN won the rights a few months ago during a sales process in which it is understood to have faced competition from broadcasters in several markets.

The deal is understood to cover beIN's Asia-Pacific footprint, excluding Australia and New Zealand. This would mean it covers Brunei, Cambodia, Hong Kong, Indonesia, Laos, Malaysia, the Philippines, Thailand, Timor-Leste and Singapore.

The rights were previously held by Fox Sports Asia, which Disney closed down a year ago.

Earlier this year, Foxtel renewed its deal for the Formula 1 rights in Australia for a further three years.