FuboTV releases statement after winning preliminary Venu Sports injunction

FuboTV (FUBO) has been successful in stopping the launch of The Walt Disney Company (DIS), FOX Corp. (FOXA) and Warner Bros. Discovery’s (WBD) Venu Sports joint venture after its request for a preliminary injunction was approved by the U.S. District Court, Southern District of New York today. The 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, Fubo co-founder and CEO, 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, 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. A court date for the antitrust lawsuit has not yet been announced.