ESPN, FOX, & Warner Bros. Discovery to launch new sports streaming service

The Street

TheStreet’s J.D. Durkin brings you the biggest news of the day, including the ongoing earnings parade and the launch of a new sports-centric streaming service.

Transcript

00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange and here's a look

00:03 at what we are watching on the street today.

00:06 Investors are reacting to another batch of quarterly earnings.

00:09 Snap saw its stock take a nosedive in a big way after reporting weaker than expected revenue

00:14 while still issuing disappointing forecasts.

00:17 Ford on the other hand saw its stock pop after reporting a beat on earnings and issuing higher

00:22 than expected guidance.

00:24 Investors are looking ahead to earnings from PayPal and Disney both out after the bell

00:29 on Wednesday.

00:30 In other news, three of the biggest names in media are set to team up to create a sports

00:34 streaming mega-platform.

00:35 ESPN, Fox, and Warner Bros.

00:38 Discovery announced their plan to launch the new platform in the fall of 2024.

00:43 Each company will share one-third ownership in the project.

00:47 The service will include games from at least 15 networks and all four major sports leagues.

00:52 The list of channels includes the entire ESPN family of networks, TNT, TBS, as well as a

00:58 host of college conference networks, names like the ACC and the Big Ten.

01:03 Warner Bros.

01:04 Discovery CEO David Zaslav said, "This new sports service exemplifies our ability as

01:09 an industry to drive innovation and provide consumers with more choice, enjoyment, and

01:15 value and we're thrilled to deliver it to sports fans."

01:18 Subscribers will also have the option to bundle the new sports service with Disney+, Hulu,

01:23 and Max.

01:24 The name and price for the new platform has yet to be revealed.

01:28 That'll do it for your daily briefing.

01:29 From the floor of the New York Stock Exchange, I'm JD Durkin with the Street.

01:33 Thanks for watching.

01:34 Have a great day.

01:34 [BLANK_AUDIO]

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