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Walt Disney (NYSE:DIS), Fox (NASDAQ:FOX) (NASDAQ:FOXA) and Warner Bros. Discovery (NASDAQ:WBD) are teaming up on a joint venture to produce a streaming platform that would share sports assets, The Wall Street Journal reported.
The companies would each own a third of the platform, according to the report — which would combine their interests and provide scale negotiating power as the price of sports rights continues to arc ever higher.
The platform would be available to subscribers of Hulu, ESPN+ and Max, and would be set to emerge later this year, the WSJ said.
In Disney’s (DIS) last earnings call, the company gave the latest color to long-simmering plans to move ESPN into the streaming age: “Another core building opportunity is taking ESPN, which is already the world’s leading sports brand, and turning it into the preeminent digital sports platform, allowing us to reach fans in compelling new ways and fully integrating key features into our primary ESPN offering,” CEO Bob Iger said. “We’re already moving quickly down this path and we’re exploring strategic partnerships to help advance our efforts through marketing, technology, distribution, and additional concepts.”
