Fubo scores big after judge blocks Disney-Fox-Warner sports play
A federal judge has temporarily blocked Venu Sports, the streaming joint venture formed by Disney, Fox, and Warner Bros. Discovery, on antitrust grounds.
It's a big win for rival Fubo TV, which said it would have gone insolvent by the first quarter of next year without the block. Fubo shares closed up 17% following the news.
Venu was set to be priced at $43 per month and was expected to launch in the next few weeks, before the start of the NFL’s regular season on September 5. It could now be delayed until at least 2025, or the streaming partners involved could choose to scrap the bundle altogether.
It's particularly rough for Warner Bros. Discovery, which last month lost out on NBA broadcast rights and earlier this month wrote down the value of its TV networks by $9 billion. So far, streaming subscriber growth and ad income hasn't replaced the once lucrative traditional cable earnings.
Venu was set to be priced at $43 per month and was expected to launch in the next few weeks, before the start of the NFL’s regular season on September 5. It could now be delayed until at least 2025, or the streaming partners involved could choose to scrap the bundle altogether.
It's particularly rough for Warner Bros. Discovery, which last month lost out on NBA broadcast rights and earlier this month wrote down the value of its TV networks by $9 billion. So far, streaming subscriber growth and ad income hasn't replaced the once lucrative traditional cable earnings.
