FuboTV Inc., renowned as the sports-first live TV streaming platform, has successfully halted the launch of Venu Sports, a joint venture involving three media giants: The Walt Disney Company, FOX Corp., and Warner Bros. Discovery. The U.S. District Court for the Southern District of New York approved Fubo’s request for a preliminary injunction, positioning this as a major win not just for Fubo, but for consumers aiming for a more competitive streaming market.
David Gandler, co-founder and CEO of Fubo, expressed his satisfaction: “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 emphasized the ongoing battle for fairness in the industry, underlining that the proposed joint venture exemplified the anticompetitive practices that have long plagued the market by monopolizing sports broadcasting and stifling competition.
Fubo’s argument, which convinced the court, highlighted that the joint venture would have seized control of approximately 60%-80% of live broadcast sports content. This monopoly would have restricted competition, reduced consumer choices, and inevitably led to higher prices. The company’s dedication to ensuring a fair marketplace stems from its mission to offer consumers affordable and innovative sports streaming options.
Backing Fubo’s stance, prominent lawmakers such as Senators Elizabeth Warren and Bernie Sanders, along with Rep. Joaquin Castro, addressed their concerns to the Department of Justice and Federal Communications Commission, highlighting the potential consumer impact of the joint venture. Additionally, major players like DirecTV, Dish, and various public advocacy groups joined forces to voice their opposition.
Fubo’s legal journey does not end here. The company plans to continue its antitrust lawsuit against Disney, FOX, and Warner Bros. Discovery, pushing back against what it describes as a “years-long campaign to block Fubo’s innovative sports streaming business” and protect consumers and fair market practices from monopolistic tactics.
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Source: Business Wire