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Streaming Media Business
Media, Sports Media Giants Team Up With Streaming Service
ESPN, FOX and WBD launching joint sports streaming service in late 2024
All major entities will have an equal share in company
ESPN plans to launch full DTC service, possibly later in 2024
Fox has never launched a DTC platform
ESPN, Fox and Warner Bros Discovery (WBD) have created a joint venture to launch a combined sports streaming service in the US.
The JV will have its own brand and management team with the planned service offering coverage from the three media companies’ linear channels and direct-to-consumer (DTC) platforms.
The service will launch in late 2024, serving up an array of live content including the National Football League (NFL), the National Basketball Association (NBA) and college football. Subscribers will also have access to linear feeds of major channels, including ESPN, Fox and TNT, as well as the ESPN+ platform.
The three companies, all of whom will have an equal share in the JV, say the offering will offer better value for consumers who have migrated away from cable television and solve the growing issue of fragmentation.
Customers will also be able to bundle the as-yet-unnamed service with general entertainment services like Disney+, Hulu and Max.
“The launch of this new streaming sports service is a significant moment for Disney and ESPN, a major win for sports fans, and an important step forward for the media business,” said Bob Iger, Disney chief executive.
“This means the full suite of ESPN channels will be available to consumers alongside the sports programming of other industry leaders as part of a differentiated sports-centric service. I’m grateful to Jimmy Pitaro and the team at ESPN, who are at the forefront of innovating on behalf of consumers to create new offerings with more choice and greater value.”
“We’re pumped to bring the Fox Sports portfolio to this new and exciting platform,” added Lachlan Murdoch, Fox chief executive. “We believe the service will provide passionate fans outside of the traditional bundle an array of amazing sports content all in one place.”
“At WBD, our ambition is always to connect our leading content and brands with as many viewers as possible, and this exciting joint venture and the unparalleled combination of marquee sports rights and access to the greatest sporting events in the world allows us to do just that,” said David Zaslav, WBD chief executive.
“This new sports service exemplifies our ability as an industry to drive innovation and provide consumers with more choice, enjoyment and value and we’re thrilled to deliver it to sports fans.”
ESPN Release Additional Details To Media
Key Highlights:
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.
Bob Iger, Chief Executive Officer of The Walt Disney Company said, “The launch of this new streaming sports service is a significant moment for Disney and ESPN, a major win for sports fans, and an important step forward for the media business. This means the full suite of ESPN channels will be available to consumers alongside the sports programming of other industry leaders as part of a differentiated sports-centric service. I’m grateful to Jimmy Pitaro and the team at ESPN, who are at the forefront of innovating on behalf of consumers to create new offerings with more choice and greater value.”
Lachlan Murdoch, Executive Chair and Chief Executive Officer of FOX said, “We’re pumped to bring the FOX Sports portfolio to this new and exciting platform. We believe the service will provide passionate fans outside of the traditional bundle an array of amazing sports content all in one place.”
David Zaslav, Chief Executive Officer of Warner Bros. Discovery, said “At WBD, our ambition is always to connect our leading content and brands with as many viewers as possible, and this exciting joint venture and the unparalleled combination of marquee sports rights and access to the greatest sporting events in the world allows us to do just that. This new sports service exemplifies our ability as an industry to drive innovation and provide consumers with more choice, enjoyment and value and we’re thrilled to deliver it to sports fans.”
More details, including pricing, will be announced at a later date.
Media Man: A massive deal and development in this space. Very curious and interesting to see Murdoch's FOX team up with WBD, ESPN (Walt Disney). Change is in the wind. This comes fresh off the heels of the Netflix - WWE streaming deal announced a week + ago. More details will follow.
(Sources: ESPN, WBD, Wires, FOX/News Corp and X)
