Report
EUR 9711.00 For Business Accounts Only

DISH Challenges Disney/Venu/Fubo Deal: Implications for Investors

Earlier this week, Fubo and Disney settled their disagreement over the antitrust case Fubo had filed challenging the Disney/Warner/Fox joint venture to create a streaming sports bundle called Venu. Fubo had won the first round, with the District Court finding that the joint venture violated the antitrust laws. The defendants appealed and the case was heading towards a Court of Appeals argument. The case settled, however, because Disney agreed to buy a controlling interest in Fubo as well as provide liquidity to the enterprise. Fubo then dropped the case, and the court dismissed the proceeding.
Underlyings
DISH Network Corporation Class A

DISH Network is a holding company. Through its subsidiaries, the company operates two business segments: Pay-TV and Wireless. The company provides pay-TV services under: the DISH? brand, which consists of, among other things, Federal Communications Commission licenses authorizing the company to use direct broadcast satellite and Fixed Satellite Service spectrum, the company's owned and leased satellites, and certain other assets utilized in the company's operations; and the Sling? brand, which consists of, among other things, live-linear streaming over-the-top Internet-based domestic, international and Latino video programming services. In addition, the company invests to acquire certain wireless spectrum licenses and related assets.

Fox Corporation Class B

Walt Disney Company

Walt Disney is an entertainment company. The company's segments are: Media Networks, which includes domestic cable networks, broadcast television network and domestic television stations, and television production and distribution; Parks, Experiences and Products, which includes theme parks and resorts, and consumer products operations; Studio Entertainment, which includes motion picture production and distribution, music production and distribution, and post-production services; and Direct-to-Consumer and International, which includes international television networks and channels, direct-to-consumer streaming services, and other digital content distribution platforms and services.

Provider
New Street Research
New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

  • Pan European Telecom Services and Cable
  • US Telecoms, Cable, Satellite and Towers
  • Global Emerging Market Telecoms
  • Japan Telecoms
  • Asian Internet
  • Pan European Healthcare
  • Global healthcare thematic research

We provide debt research on:

  • Pan European Telecom Services and Cable


Analysts
Blair Levin

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