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FuboTV Inc (NYSE:FUBO) shares are trading higher by 15.7% to $1.77 Monday morning after the company obtained a preliminary injunction from the U.S. District Court, Southern District of New York, temporarily halting the launch of a joint venture (JV) between Walt Disney Co (NYSE:DIS), Fox Corp (NASDAQ:FOXA) (NASDAQ:FOXB) and Warner Bros Discovery Inc (NASDAQ:WBD).
This ruling represents a win for Fubo, which has been battling these industry giants to maintain a competitive streaming landscape.
The proposed JV, according to Fubo, would have consolidated control over 60%-80% of live broadcast sports content, a move that Fubo argued would limit competition, reduce consumer choices and lead to higher prices for sports streaming services.
David Gandler, co-founder and CEO of Fubo, hailed the court’s decision as a victory for both the company and consumers. “Today’s ruling is a victory not only for Fubo but also for consumers. This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options,” Gandler said in a statement.
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What Else: Fubo has been vocal about the negative implications of the JV, arguing that it would lead to a monopolized market, stifling competition and leaving consumers with fewer, more expensive options. The company has framed its legal battle as an effort to protect consumer interests by ensuring a diverse and affordable sports streaming market.
In addition to halting the JV, Fubo plans to proceed with its broader lawsuit against the JV partners and their affiliates, accusing them of long-term anti-competitive behavior designed to undermine Fubo’s sports-centric streaming model.
The lawsuit, initially filed on February 20, alleges that these vertically-integrated media companies have systematically blocked Fubo’s business innovations, causing significant harm to both the company and its consumer base.
As Fubo moves forward with its antitrust lawsuit, the court has yet to announce a date for the next stage of legal proceedings. The company’s victory in securing the preliminary injunction has set the stage for a prolonged battle over the future of sports streaming.
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in FuboTV’s case, it is in the Communication Services sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
According to data from Benzinga Pro, FUBO has a 52-week high of $3.82 and a 52-week low of $1.10.
