Apple is about to announce a $140 million per year media rights deal with F1 for its U.S. rights, according to people familiar with the matter.

"We don't have to do sports the way that they are. There's plenty of people doing that," Cue told CNBC's Alex Sherman at the Autosport Business Exchange NYC.

Apple is about to announce a $140 million per year media rights deal with F1 for its U.S. rights, according to people familiar with the matter.

Apple and Formula 1 announced their long-awaited five-year U.S. media rights deal that will bring all U.S. televised races to Apple TV

Apple wins the rights to broadcast Formula 1 in the United States for the next five years in deal said to be worth about $750m (£558m) in total.

Some races will be free as F1 TV moves from standalone streaming to Apple TV.