FuboTV Surges After Court Blocks Fox-Disney-Warner Bros Streaming Service

By Dean Seal

Shares of FuboTV surged after a federal judge blocked the launch of a competing sports-streaming service from Fox, Walt Disney's ESPN and Warner Bros. Discovery.

The stock was up 18% at $1.55 shortly before the closing bell. Shares are still down by more than 50% this year.

The streaming service had filed a lawsuit asserting antitrust claims against the media heavyweights in February, seeking to bar their planned Venu Sports service on the grounds that the companies wouldn't allow Fubo to carry a small bundle of sports-focused channels.

A Manhattan federal judge ruled in FuboTV's favor Friday, issuing a preliminary injunction halting the launch of Venu Sports. Media reports say that the service was expected to launch next week.

In her ruling, U.S. District Judge Margaret Garnett said it appeared FuboTV would likely succeed on its claims that the joint venture between the companies would "substantially lessen competition and restrain trade."

Fox and Wall Street Journal parent News Corp share common ownership.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

August 16, 2024 16:15 ET (20:15 GMT)

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