*Three major sports broadcasters, Disney’s ESPN, Fox Corporation, and Warner Bros. Discovery, are joining forces to launch a new super-platform for streaming sports content.
This groundbreaking collaboration marks a significant shift in the industry away from traditional television to streaming services.
The service, planned for release in the fall, will offer a diverse range of sporting events including NFL, NBA, MLB, NHL, FIFA World Cup games, NASCAR races, UFC matches, and PGA TOUR Golf tournaments.
While pricing and the official name have yet to be revealed, more details are expected to be announced closer to the launch date.
The announcement has generated a positive market response, with Warner Bros. Discovery and Fox Corp. shares rising slightly in after-hours trading.
Disney, which is set to report earnings on Wednesday, saw a modest decline of approximately 1% in its stock value. This agreement between the three media giants has been hailed as a significant milestone for the industry.
Recognizing the shifting landscape and the growing trend of consumers cutting the cord, ESPN plans to launch its robust direct-to-consumer service, while Warner Bros. Discovery has already incorporated its sports offerings into its platform, Max. Legacy media companies have been actively repositioning themselves in the market by investing in streaming services to compete with the likes of Netflix.
Leaders such as Bob Iger from Disney and David Zaslav from Warner Bros. Discovery have indicated that consumers should anticipate more bundled offerings in the future.
By making sports directly accessible to consumers through a dedicated streaming platform, the traditional cable subscription business is expected to face further decline. Live sporting events have long been a cornerstone of the traditional bundle, and their availability through streaming platforms could hasten the transition away from cable subscriptions.
However, as the cost of sports rights continues to rise and cord-cutting accelerates, media executives have been seeking innovative strategies to maintain their valuable sports rights while embracing the streaming era.
Discussions surrounding the creation of this sports streaming service, which will be managed independently, began approximately six months ago. Notably absent from this partnership are NBCUniversal and Paramount Global, both of which have their services for streaming sporting events.
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