Netflix isn’t the only company looking to Formula 1 to make a move in live sports broadcasting. China Telecom is closing in on local digital rights for Formula 1, per SportBusiness. Should a deal be finalized, it would represent a significant expansion for the telecommunications giant, which hasn’t been a major player in sports broadcasting. – Last year, 70.8 million people in China [watched] at least one F1 race. – That figure was the highest among all countries and represented a 13% year-over-year increase. – Globally, F1 had 445 million unique viewers in 2021. China Telecom was spun off onto…