FuboTV stock climbs amid Venu Sports injunction

FuboTV (FUBO) stock rallies in Monday's session after a court injunction blocked the launch of a new rival sports streamer Venu Sports. Venu is the sports streaming platform formed through the partnership of media giants Fox (FOX, FOXA), Disney (DIS), and Warner Bros. Discovery (WBD).

Yahoo Finance entertainment reporter Alexandra Canal breaks down what this setback means for Venu ahead of the NFL season and FuboTV in the streaming landscape.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Luke Carberry Mogan and updated by Angel Smith.

Transcripción del vídeo

Let's talk about shares of Fubo here this morning.

Rallying.

They are, let's take a look at it.

It's up 15%.

We were uh taking a look at this in the newsroom earlier on.

This follows a court ruling.

It's a pretty big deal here that's gonna temporarily block the launch of a rival sports streaming service backed by multiple media giants including Warner Brothers, Discovery Fox and Walt Disney.

All of our minds were blowing when we heard about this joint venture months ago and we were reporting it to you here now.

U TV.

It seems like the only reason why they are rallying is because that there's a successful blockage of that as of right now.

And, and we'll see what more comes forward.

I believe Fubo has a lawsuit that they're also going to be moving forward with as well on the back of this.

So we'll see how successful that is.

Yeah, it says that they're moving forward with this N GS lawsuit against the company for their anti anti competitive practices here.

And this is something that we've seen a number of senators those down in DC backing Senator Senator Elizabeth Warren, Senator Bernie Sanders, just among those who've been sending a letter pushing here to scrutinize venue.

So in terms of what this means, obviously, this is a huge blow for venue, just take a look at the timing of this.

And we're hoping to get this online ahead of the NFL season.

Now, that could be in jeopardy here.

So obviously, that would be a huge blow here to this, a joint streaming effort here from Fox from Warner Brothers Discovery and from Disney's ESPN.

In terms of what this means for fo's business, it doesn't really fundamentally change their business.

Like, like you were saying, the real reason, the only reason why we're seeing such a rally is because of the fact of how the judge ruled in this case and there's still lots of unanswered questions about what exactly how this is all going to play out.

So, again, there is some optimism for Fo's stock which is under two bucks a share.

It's important to point that out to you just in terms of the scale of this move.

But again, lots of questions just about what exactly this looks like going forward and, and what is the ultimate catalyst beyond this type of ruling for F TV?