FuboTV’s request for a preliminary injunction of Venu Sports -the sports streaming joint venture to be launched by The Walt Disney Company, Fox Corp. and Warner Bros. Discovery- was approved by the U.S. District Court, Southern District of New York. The temporary injunction comes just weeks ahead of the start of the National Football League season. The platform, which had recently announced its launch price, was planned to launch by that date.
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.” He then added: “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 Venu Sports that would have controlled roughly 60%-80% of live broadcast sports content, according to its partners. Fubo presented evidence of the joint venture’s primary effect of “limiting competition, removing consumer choice, and ultimately leading to steep price hikes for consumers and boosting profits for the partners.” Fubo expressed its goal is to “ensure a competitive sports streaming marketplace that offers consumers choice, affordable pricing, flexibility and innovation. All distributors should have the opportunity to compete in a fair market.”
Fubo also stated it intends to move forward with its lawsuit against the joint venture 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.”
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 joint venture and its impact on the future of streaming.
A court date for the antitrust lawsuit has not yet been announced.
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