Shares of fuboTV Inc. (FUBO) plummeted by over 5% in pre-market trading on Friday, following concerns raised by DirecTV over fuboTV's recently announced settlement with media giants over the proposed Venu Sports streaming venture.

Earlier this week, fuboTV agreed to a settlement with Disney, Fox, and Warner Bros. Discovery that involved merging with Disney's Hulu + Live TV business and dropping its antitrust lawsuit against Venu Sports. However, in a letter filed with a federal judge, DirecTV argued that the settlement does not adequately address the underlying antitrust issues surrounding Venu Sports.

DirecTV expressed concerns that Venu Sports, which is owned by Disney, Fox, and Warner Bros. Discovery, could give these media companies control over the future of the live pay TV market, reducing competition and potentially leading to higher prices for consumers. The pay-TV provider argued that the merger between fuboTV and Hulu + Live TV, with Disney owning 70% of the combined entity, does not resolve these antitrust concerns.