Disney, Warner Bros. Discovery, and Fox: Coming Together With a Sports Streaming Platform

Disney, Warner Bros. Discovery, and Fox announced a joint venture to create a streaming platform that will include all of the linear sports content that the firms broadcast. The platform should launch in the fall of 2024 and will include programming from 14 linear networks and a variety of sports leagues. The move doesn't change our fair value estimates—$115 for Disney, $20 for Warner Bros. Discovery, and $43 for Fox. We've expected a streaming bundle and linear sports programming moving increasingly to streaming, and we don't believe this move changes the total monetization pie for sports content.