FuboTV's stock plunges 24% in wake of sports-streaming venture from ESPN, Fox, WBD

By Jon Swartz

FuboTV Inc.'s stock was tanking for a second straight day - down 24% in early-afternoon trading Wednesday - after Walt Disney Co.'s ESPN, Fox Corp. and Warner Bros. Discovery Inc. announced a sports-streaming joint venture late Tuesday.

Shares of the leading sports-streaming service (FUBO) are under siege in the face of juggernaut competition from Disney (DIS), Fox (FOX) and WBD (WBD), whose vast array of programming due later this year will radically change the market landscape.

As of the third quarter of 2023, FuboTV had nearly 1.5 million paying subscribers, with a 20% year-over-year increase. But there's uncertainty in its immediate future amid the announced joint venture, which boasts rights to sports properties on ESPN, ESPN2, ESPNU, SECN, ACCN, ESPNEWS, ABC, Fox, FS1, FS2, BTN, TNT, TBS, truTV, as well as the ESPN+ streaming service.

Read more: Disney, Fox and Warner Bros. team up to launch new sports streaming service

FuboTV's package includes major leagues - the NFL, NBA and MLB - as well as NASCAR, MLS, golf, tennis, boxing, MMA, and others.

-Jon Swartz

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02-07-24 1340ET

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