FuboTV Inc. (d/b/a Fubo) (NYSE: FUBO), the leading sports-first
live TV streaming platform, has been successful in stopping the
launch of The Walt Disney Company, FOX Corp. and Warner Bros.
Discovery’s Venu Sports joint venture (JV) after its request for a
preliminary injunction was approved by the U.S. District Court,
Southern District of New York today. Today’s ruling is significant
as Fubo fought against three of the world’s biggest media
conglomerates to create a more competitive streaming marketplace
for consumers.
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 60%-80% of live broadcast sports content,
according to its partners. Fubo presented evidence of the JV’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’s 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, according to Fubo.
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 U.S.,
Canada and Spain and Molotov in France.
In the U.S., Fubo is a sports-first cable TV replacement product
that aggregates more than 400 live sports, news and entertainment
networks and is the only live TV streaming platform with every
Nielsen-rated sports channel (source: Nielsen Total Viewers, 2023).
Leveraging Fubo’s proprietary data and technology platform
optimized for live TV and sports viewership, subscribers can engage
with the content they are watching through an intuitive and
personalized streaming experience. Fubo has continuously pushed the
boundaries of live TV streaming. It was the first virtual MVPD to
launch 4K streaming and MultiView, which it did years ahead of its
peers, as well as Instant Headlines, a first-of-its-kind AI feature
that generates contextual news topics as they are reported live on
air.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240816471864/en/
Investor Contacts Ameet Padte, Fubo ameet@fubo.tv JCIR
for Fubo ir@fubo.tv Media Contacts Jennifer L. Press, Fubo
jpress@fubo.tv Bianca Illion, Fubo billion@fubo.tv
fuboTV (NYSE:FUBO)
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