ESPN, Fox and Warner Bros. Discovery to launch joint sports streaming platform this year
Summary
Discovery and Fox each will own one-third of the company, the rights fee revenue sharing will be proportional to what the cable networks charge pay TV providers, a second person said. "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." "While we look forward to learning more about this new venture, were encouraged by the opportunity to make premier sports content more accessible to fans who are not subscribers to the traditional cable or satellite bundle," an NBA spokesperson said. Comcast s NBCUniversal and Paramount Global werent approached to be a part of the joint venture, according to people familiar with the matter. Dont miss these stories from CNBC PRO: • Forget FANG and Magnificent 7, the new hot portfolio is MnM, says Raymond James • Walmart just split its stock.