Walt Disney: ESPN, FOX (FOXA, FOX) and Warner Bros. Discovery (WBD) confirm they have reached an understanding on principal terms to form a new Joint Venture to build an innovative new platform to house a compelling streaming sports service (99.29 +2.64)
- ESPN, a subsidiary of The Walt Disney Company (DIS).
- The platform brings together the companies' portfolios of sports networks, certain direct-to-consumer (DTC) sports services and sports rights -- including content from all the major professional sports leagues and college sports. The formation of the pay service is subject to the negotiation of definitive agreements amongst the parties. The offering, scheduled to launch in the fall of 2024, would be made available directly to consumers via a new app. Subscribers would also have the ability to bundle the product, including with Disney+, Hulu and/or Max.
- ESPN, FOX and Warner Bros. Discovery would form a new joint venture to develop, launch and operate a streaming sports bundle of linear networks and certain DTC sports content and services.
- Each entity would own one-third of the JV, have equal board representation and license their sports content to the joint venture on a non-exclusive basis.
- The service would have a new brand with an independent management team.