Venu Sports is a joint venture between Disney, Fox, and Warner Bros. Discovery.
Transcript:
Conway Gittens: Here’s what we’re watching on TheStreet today.
Wall Street kicks off a new week with a renewed sense of optimism following the best week for stocks all year. Goldman Sachs issued a note saying the risk of a recession is now lower. Investors will be listening for clues on the size of a September interest rate cut when Chair Jerome Powell speaks at the end of the week.
In other news…A federal judge has issued a ruling that prevents Venu Sports, a new sports streaming bundle backed by Warner Brothers Discovery, Disney and Fox from going live.
The decision comes just weeks before the start of the lucrative NFL season. Smaller rival Fubo filed a lawsuit back in April to block the package, claiming the three media giants were banding together to muscle out any competition.
In her ruling granting a temporary injunction, the judge wrote “It appears to the Court that Fubo is likely to succeed on its claims that by entering into the [joint venture], the [joint venture] Defendants will substantially lessen competitions and restrain trade in the relevant market.”
At issue is the size and scope of what Venu offers to cord cutters. Subscribers would get access to a wide array of unparalleled sporting events based on TV rights secured by the three media giants. We’re talking NFL, NBA, Major League Baseball, hockey, tennis, soccer, golf, NASCAR racing and UFC fights. – all for just $42.99 a month,
Warner Bros. Discovery, Disney and Fox “respectfully disagree” with the judge’s ruling and say they plan to appeal.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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