• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Judge temporarily blocks sports streaming service owned by Disney, Fox, Warner Bros.
Editor's Pick

Judge temporarily blocks sports streaming service owned by Disney, Fox, Warner Bros.

by August 18, 2024
by August 18, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

A U.S. judge temporarily blocked media companies Disney, Warner Bros. Discovery and Fox from launching their sports streaming service, Venu, according to court filings.

The temporary injunction, granted in response to a lawsuit brought by Fubo TV, comes just weeks ahead of the start of the NFL season. The companies had planned to launch their service by that date.

Fubo, an internet TV bundle akin to the traditional pay TV package, alleged in its lawsuit that Venu was anticompetitive and would upend its business. Fubo’s stock gained 16% Friday on the news of the injunction.

“Today’s ruling is a victory not only for Fubo but also for consumers. This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,” said Fubo CEO David Gandler in a press release after the court decision.

Warner Bros. Discovery, Fox and Disney’s ESPN announced the formation of the joint venture streaming service in February. Soon after Fubo filed an antitrust lawsuit against the venture.

On Friday, Fubo said it intends to move forward with its antitrust lawsuit against the companies for their anticompetitive practices. In recent months, lawmakers, including Sen. Elizabeth Warren, D-Mass., Sen. Bernie Sanders, D-Vt., and Rep. Joaquin Castro, D-Tex., sent a letter pushing to scrutinize Venu.

“We respectfully disagree with the court’s ruling and are appealing it,” Warner Bros. Discovery, Fox and Disney’s ESPN said in a joint statement on Friday.

“We believe that Fubo’s arguments are wrong on the facts and the law, and that Fubo has failed to prove it is legally entitled to a preliminary injunction. Venu Sports is a pro-competitive option that aims to enhance consumer choice by reaching a segment of viewers who currently are not served by existing subscription options.”

Earlier this month, Venu announced pricing of $42.99 per month.

The service would offer the complete suite of live sports rights owned by the parent companies, which includes the NBA, NHL, MLB, college football and basketball, among others. Venu subscribers would also have access to 14 traditional TV sports networks of its parent companies, including ESPN, ABC, Fox, TNT and TBS, as well as the streaming service ESPN+.

The expensive price point is common when it comes to streaming live sports so it doesn’t shake up any carriage agreements with traditional pay TV distributors.

In court documents, U.S. Judge Margaret Garrett noted that the three companies control about 54% of all U.S. sports rights, and at least 60% of all nationally broadcast U.S. sports rights.

“There is significant evidence in the record that the true figures may be even larger,” Garrett said in court papers.

“This means that alone, Disney, Fox, and [Warner Bros. Discovery] are each significant players in live sports licensing, who otherwise compete against each other both to secure sports telecast rights and to attract viewers to their live sports programming. But together, they are dominant,” Garrett said her decision.

Outside of these companies, Paramount Global’s CBS and Comcast’s NBC are the other largest holders of U.S. sports rights. Streaming services, such as Amazon’s Prime Video, have also begun offering live sports exclusively.

The marketing around Venu so far had been that it would target sports fans outside of the traditional pay TV bundle.

But Fubo’s lawsuit alleged that the sports streaming service violates antitrust law, and is the latest example of anticompetitive behavior from the three media companies.

A multi-day hearing took place in the last week, in which representatives for Fubo, as well as satellite TV bundle providers DirecTV and EchoStar’s Dish — which also offer competing internet TV bundles and supported Fubo in the suit — argued the streaming bundle would be detrimental to their businesses.

During the hearing, an attorney for Warner Bros. Discovery told the judge an injunction would “terminate” Venu, Front Office Sports reported.

“This ruling is a major victory for consumers and competition in the video marketplace,” said Jeff Blum, EVP of government and external affairs at EchoStar, said in a statement.

“We are pleased with the court decision and believe that it appropriately recognizes the potential harms of allowing major programmers to license their content to an affiliated distributor on more favorable terms than they license their content to third parties,” DirecTV said in a statement Friday.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

This post appeared first on NBC NEWS
You Might Also Like
  • ‘Shark Tank’ alum Bombas taps former Under Armour exec as CEO as it looks beyond digital roots
  • Weekly mortgage refinance demand soars 16% as rates sink to lowest level in over a year
  • TOTO Announces a Collaboration with Comcast’s MachineQ on Smart Restroom Integration
  • How the Inflation Reduction Act sparked a manufacturing and clean energy boom
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Michael Moore’s stark warning to Democrats on election momentum: ‘It’s ours to blow’
next post
Home sale commissions are getting a shake-up this weekend

You may also like

Fortnite applies to launch on Apple’s App Store after Epic...

May 11, 2025

65-year-old quit his job and emptied his life savings to...

July 17, 2024

A key to Biden’s lagging wind energy goal will set...

July 2, 2024

MediaTek and Skylo Collaborate on Next-Gen 3GPP NTN Satellite Solutions...

February 14, 2023

Judge blocks Albertsons-Kroger $25 billion supermarket merger

December 11, 2024

Law firm rescinds job offers to Harvard students who signed...

October 18, 2023

Walmart is laying off and relocating hundreds of corporate workers

May 16, 2024

Starbucks shakes up its leadership again, adding two former Taco...

January 29, 2025

Domino’s Pizza finally launches stuffed crust to keep customers away...

March 4, 2025

Super Bowl ads beckon up to $8 million apiece for...

January 30, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025
    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’ consumer products

      May 30, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,765 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,472 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,451 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,432 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,308 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,581)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right...

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,581)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    From coffee shops to retail, Americans...

    November 17, 2023

    Tesla’s Chinese rival Nio launches a...

    May 17, 2024

    Netflix announces ‘broad rollout’ of password-sharing...

    April 19, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here