Fubo Wins Preliminary Injunction Against The Walt Disney Company, FOX Corp. and Warner Bros. Discovery’s Venu Sports Joint Venture
FuboTV Inc. (NYSE: FUBO) has won a preliminary injunction against The Walt Disney Company, FOX Corp., and Warner Bros. Discovery's Venu Sports joint venture (JV). The U.S. District Court, Southern District of New York approved Fubo's request to stop the launch of the JV, which would have controlled 60%-80% of live broadcast sports content. Fubo CEO David Gandler called it a victory for consumers and competition.
Fubo argues that the JV would limit competition, reduce consumer choice, and lead to price hikes. The company plans to proceed with its antitrust lawsuit against the JV partners, alleging a years-long campaign to block Fubo's sports-first streaming business. Multiple lawmakers and public interest groups have expressed concerns about the JV's potential negative impact on consumers.
FuboTV Inc. (NYSE: FUBO) ha ottenuto un'ingiunzione preliminare contro The Walt Disney Company, FOX Corp. e la joint venture Venu Sports di Warner Bros. Discovery. Il Tribunale distrettuale degli Stati Uniti, nel distretto meridionale di New York, ha approvato la richiesta di Fubo di fermare il lancio della joint venture, che avrebbe controllato il 60%-80% dei contenuti sportivi in diretta. Il CEO di Fubo, David Gandler, ha definito questa una vittoria per i consumatori e per la concorrenza.
Fubo sostiene che la joint venture limiterebbe la concorrenza, ridurrebbe le scelte dei consumatori e porterebbe a un aumento dei prezzi. L'azienda prevede di procedere con la sua causa antitrust contro i partner della joint venture, accusando una campagna durata anni per bloccare il business di streaming sportivo di Fubo. Molti legislatori e gruppi di interesse pubblico hanno espresso preoccupazioni riguardo al potenziale impatto negativo della joint venture sui consumatori.
FuboTV Inc. (NYSE: FUBO) ha obtenido una orden judicial preliminar contra The Walt Disney Company, FOX Corp. y la joint venture Venu Sports de Warner Bros. Discovery. El Tribunal de Distrito de EE. UU. para el Distrito Sur de Nueva York aprobó la solicitud de Fubo para detener el lanzamiento de la joint venture, que habría controlado entre el 60% y el 80% de los contenidos deportivos en vivo. El CEO de Fubo, David Gandler, lo calificó como una victoria para los consumidores y la competencia.
Fubo argumenta que la joint venture limitaría la competencia, reduciría las opciones para los consumidores y llevaría a aumentos de precios. La compañía planea continuar con su demanda antimonopolio contra los socios de la joint venture, alegando una campaña de años para bloquear el negocio de streaming centrado en deportes de Fubo. Múltiples legisladores y grupos de interés público han expresado preocupaciones sobre el potencial impacto negativo de la joint venture en los consumidores.
FuboTV Inc. (NYSE: FUBO)는 The Walt Disney Company, FOX Corp., 및 Warner Bros. Discovery의 Venu Sports 합작 투자(JV)에 대해 임시 금지 명령을 받았습니다. 미국 뉴욕 남부 지방법원은 Fubo가 JV 출범을 중단할 것을 요청한 것을 승인했으며, 이는 생방송 스포츠 콘텐츠의 60%-80%를 통제할 예정이었습니다. Fubo의 CEO인 David Gandler는 이를 소비자와 경쟁을 위한 승리로 부각했습니다.
Fubo는 JV가 경쟁을 제한하고, 소비자 선택을 줄이며, 가격 인상으로 이어질 것이라고 주장합니다. 이 회사는 JV 파트너를 상대로 반독점 소송을 진행할 계획이며, Fubo의 스포츠 중심 스트리밍 비즈니스를 차단하기 위한 수년 간의 캠페인을 주장하고 있습니다. 다수의 법률가와 공공 이익 단체가 JV가 소비자에게 미칠 부정적인 영향에 대해 우려를 표명했습니다.
FuboTV Inc. (NYSE: FUBO) a obtenu une ordonnance judiciaire préliminaire contre The Walt Disney Company, FOX Corp. et le joint venture Venu Sports de Warner Bros. Discovery. Le tribunal de district des États-Unis, dans le district sud de New York, a approuvé la demande de Fubo de stopper le lancement du joint venture, qui aurait contrôlé entre 60% et 80% du contenu sportif en direct. Le PDG de Fubo, David Gandler, a qualifié cela de victoire pour les consommateurs et la concurrence.
Fubo soutient que le joint venture limiterait la concurrence, réduirait le choix des consommateurs et entraînerait des augmentations de prix. L’entreprise prévoit de poursuivre son action en justice antitrust contre les partenaires du joint venture, alléguant une campagne de plusieurs années pour bloquer l’activité de streaming axée sur le sport de Fubo. De nombreux législateurs et groupes d'intérêt public ont exprimé leurs préoccupations quant à l’impact négatif potentiel du joint venture sur les consommateurs.
FuboTV Inc. (NYSE: FUBO) hat eine vorläufige einstweilige Verfügung gegen die Walt Disney Company, FOX Corp. und das Joint Venture Venu Sports von Warner Bros. Discovery gewonnen. Das US-Bezirksgericht im Southern District of New York genehmigte Fubos Antrag, den Start des Joint Ventures zu stoppen, das 60%-80% der Live-Sportübertragungsinhalte kontrollieren würde. Fubo-CEO David Gandler bezeichnete dies als Sieg für Verbraucher und Wettbewerb.
Fubo argumentiert, dass das Joint Venture den Wettbewerb einschränken, die Wahlmöglichkeiten für Verbraucher reduzieren und zu Preiserhöhungen führen würde. Das Unternehmen plant, seine Antitrust-Klage gegen die Joint-Venture-Partner fortzusetzen und ihnen jahrelange Bemühungen vorzuwerfen, Fubos sportorientiertes Streaming-Geschäft zu blockieren. Mehrere Gesetzgeber und Interessenvertretungen haben Bedenken geäußert hinsichtlich der potenziell negativen Auswirkungen des Joint Ventures auf die Verbraucher.
- Fubo won a preliminary injunction against major media conglomerates, potentially preserving competition in the sports streaming market
- The court decision may help ensure multiple, more affordable sports streaming options for consumers
- Fubo's lawsuit against JV partners for antitrust practices is moving forward
- Fubo is engaged in a legal battle against three of the world's biggest media conglomerates, which could be resource-intensive
- The company alleges years-long anticompetitive practices by major media companies, indicating ongoing challenges in the market
Insights
This ruling marks a significant legal victory for Fubo against media giants Disney, FOX and Warner Bros. Discovery. The court's decision to grant a preliminary injunction effectively halts the launch of the Venu Sports joint venture, which could have controlled up to
The implications are substantial for the streaming industry. By preventing this consolidation, the court has preserved competition in the sports streaming market. This decision aligns with antitrust principles, aiming to protect consumer choice and prevent monopolistic practices.
Fubo's ongoing antitrust lawsuit against these companies will be closely watched. If successful, it could lead to broader changes in how media conglomerates operate in the streaming space, potentially forcing more open licensing practices and fairer competition.
This development could significantly reshape the streaming landscape. By blocking a joint venture that would have controlled a majority of live sports content, the court's decision may open doors for smaller players and innovators in the sports streaming market.
For consumers, this could mean more choices and potentially lower prices in the long run. The ruling may encourage competition, driving streaming services to improve their offerings and pricing to attract customers. However, it's important to note that established media companies still hold significant power in content rights.
Investors should watch for potential ripple effects across the media and tech sectors, as this decision could influence future partnerships, mergers and content distribution strategies in the rapidly evolving streaming industry.
This legal victory could have positive financial implications for Fubo. By preventing the joint venture, Fubo maintains its competitive position in the sports streaming market, which is important for its growth strategy. This could lead to improved subscriber retention and acquisition, potentially boosting revenue and market share.
However, investors should remain cautious. Fubo still faces significant challenges, including high content costs and intense competition. The company's path to profitability remains uncertain and ongoing legal battles could incur substantial expenses.
The broader impact on the media landscape could affect valuations across the sector. Companies involved in the blocked joint venture may need to reassess their streaming strategies, potentially leading to market volatility. Investors should closely monitor how these media giants respond to this setback in their plans to consolidate sports content.
David Gandler, co-founder and CEO, Fubo, commented:
“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.
“But our fight continues. Fubo has said all along that we seek equal treatment from these media giants, and a level playing field in our industry. The proposed joint venture was only the latest example of anticompetitive practices that The Walt Disney Company, FOX Corp. and Warner Bros. Discovery have consistently engaged in for many years. We believe these practices monopolize the market, stifle competition and cheat consumers from deserved choice.
“A fair and competitive marketplace is necessary to provide consumers with multiple, robust and more affordable sports streaming options. We will continue to fight for fairness and for what’s best for consumers.”
Fubo had sought to stop the launch of the JV that would have controlled roughly
Fubo also intends to move forward with its lawsuit against the JV partners and their affiliates for antitrust practices. The suit, filed February 20, 2024, alleges that the vertically-integrated media companies have engaged in a years-long campaign to block Fubo’s innovative sports-first streaming business resulting in significant harm to both Fubo and consumers.
Multiple lawmakers, media and distribution companies and public interest groups have also publicly expressed concern about the JV’s negative impact for consumers. Sen. Elizabeth Warren (D-MA), Sen. Bernie Sanders (D-VT) and Rep. Joaquin Castro (D-TX) sent a letter on August 7, 2024 to the Department of Justice and Federal Communications Commission. Additionally, Rep. Jerry Nadler (D-NY), Ranking Member, House Judiciary Committee, and Rep. Joaquin Castro (D-TX) sent letters on April 16, 2024 and June 7, 2024 to the JV partner CEOs Bob Iger, Lachlan Murdoch and David Zaslav citing concerns of negative consumer impact and anti-competitive behavior as a result of the JV.
Additionally, eight entities (Fubo, DirecTV, Dish, Newsmax and public advocacy groups American Economic Liberties Project, Electronic Frontier Foundation, Open Markets Institute and Sports Fans Coalition) co-authored a letter to the Chairs and Ranking Members of the Senate Commerce and Judiciary Committees, House Energy & Commerce and Judiciary Committees expressing concern with the JV and its impact on the future of streaming.
Fubo thanks all who expressed concern directly to the Court through amici briefs and declarations.
Kellogg Hansen represented Fubo in its legal proceedings.
A court date for the antitrust lawsuit has not yet been announced.
About Fubo
With a global mission to aggregate the best in TV, including premium sports, news and entertainment content, through a single app, FuboTV Inc. (d/b/a Fubo) (NYSE: FUBO) aims to transcend the industry’s current TV model. The company operates Fubo in the
In the
Learn more at https://fubo.tv
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements of FuboTV Inc. (“Fubo”) that involve substantial risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding our business strategy and plans, anticompetitive practices among our competitors and our response plan, including our antitrust lawsuit against the Walt Disney Company, Fox Corporation and Warner Brothers Discovery, and competition in our industry. The words “could,” “will,” “plan,” “intend,” “anticipate,” “approximate,” “expect,” “potential,” “believe” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that Fubo makes due to a number of important factors, including but not limited to the following: our ability to achieve or maintain profitability; risks related to our access to capital and fundraising prospects to fund our financial operations and support our planned business growth; our revenue and gross profit are subject to seasonality; our operating results may fluctuate; our ability to effectively manage our growth; the long-term nature of our content commitments; our ability to renew our long-term content contracts on sufficiently favorable terms; our ability to attract and retain subscribers; obligations imposed on us through our agreements with certain distribution partners; we may not be able to license streaming content or other rights on acceptable terms; the restrictions imposed by content providers on our distribution and marketing of our products and services; our reliance on third party platforms to operate certain aspects of our business; risks related to the difficulty in measuring key metrics related to our business; risks related to preparing and forecasting our financial results; risks related to the highly competitive nature of our industry; risks related to the potential launch of the joint venture by Walt Disney Company, Fox Corporation and Warner Brothers Discovery; risks related to our technology, as well as cybersecurity and data privacy-related risks; risks related to ongoing or future legal proceedings; and other risks, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies. Further risks that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements are discussed in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 filed with the Securities and Exchange Commission (“SEC”), and our other periodic filings with the SEC. We encourage you to read such risks in detail. The forward-looking statements in this press release represent Fubo’s views as of the date of this press release. Fubo anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing Fubo’s views as of any date subsequent to the date of this press release.
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Investor Contacts
Ameet Padte, Fubo
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JCIR for Fubo
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Media Contacts
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Bianca Illion, Fubo
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Source: fuboTV
FAQ
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