Shares of fuboTV Inc. (FUBO) plunged over 7% on Thursday, amid concerns raised by DirecTV over the settlement between fuboTV and media giants Disney, Fox, and Warner Bros. Discovery regarding the proposed Venu Sports streaming venture.
In a letter filed with a federal judge, DirecTV argued that the settlement, which involves a merger between fuboTV and Disney's Hulu + Live TV business, does not resolve the underlying antitrust issues surrounding Venu Sports. DirecTV expressed concerns that the venture would give its creators -- Disney, Fox, and Warner Bros. Discovery -- control over the future of the live pay TV market, reducing competition and potentially leading to higher prices for consumers.
The settlement, announced earlier this week, will see fuboTV merge with Hulu + Live TV, with Disney owning a 70% stake in the combined entity. It also includes a $220 million cash payment to fuboTV from the media companies, as well as a $145 million term loan from Disney to fuboTV in 2026. In exchange, fuboTV agreed to drop its lawsuit against Venu Sports, which it had accused of violating antitrust laws and reducing competition in the sports streaming market.
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