By Isabella Simonetti
The joint streaming venture that will combine some of the most valuable assets in sports media will be called Venu Sports, the services chief executive announced on Thursday.
In February, Warner Bros. Discovery, Fox Corp. and Disneys ESPN announced they were teaming up to offer a new sports streaming service that includes all their sports programming from National Hockey League games to next years Super Bowl.
Venu Sports, which is set to make its debut in the fall, is another example of how media giants are trying to establish themselves in the world of streaming as millions of Americans cut the cord every year and large technology companies have entered the marketplace for valuable sports rights.
The service is also intended to help consumers navigate the challenge of following sports as media rights become increasingly fragmented.
The three companies hired Pete Distad, a former Apple sports executive to serve as Venu Sportss chief executive in March. Earlier this year, Citi analysts estimated that the service would account for 55% of U.S. sports rights.
A major lingering question is whether Warner Bros. Discovery will secure the TV rights to the National Basketball Association.
The exclusive bargaining window for Disney and Warner, which are the current rights holders, expired in April and talks with the league are ongoing as other players have entered the talks. NBCUniversal, for example, is prepared to pay an average of about $2.5 billion per year for Warners package, The Wall Street Journal previously reported.
Amazons Prime Video has also reached the outlines of a streaming rights deal with the league.
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(END) Dow Jones Newswires
May 16, 2024 11:02 ET (15:02 GMT)
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