All-sports streaming platform blocked by judge
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why the launch of Venu Sports was blocked.
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SportsTranscript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04Wall Street kicks off a new week with a renewed sense of optimism following the best week for stocks all year.
00:11Goldman Sachs issued a note saying the risk of a recession is now lower.
00:16Investors will be listening for clues on the size of a September interest rate cut when Federal Reserve Chairman Jerome Powell speaks at the end of the week.
00:24In other news, a federal judge has issued a ruling that prevents Venue Sports, a new sports streaming bundle backed by Warner Brothers Discovery, Disney and Fox, from going live.
00:34The decision comes just weeks before the start of the lucrative NFL season.
00:38Small arrival Fubo filed a lawsuit back in April to block the package, claiming the three media giants were banding together to muscle out any competition.
00:47In her ruling granting a temporary injunction, the judge wrote, quote,
01:05At issue is the size and scope of what Venue offers to cord cutters.
01:10Subscribers would get access to a wide array of unparalleled sporting events based on TV rights secured by the three media giants.
01:18We're talking NFL, NBA, Major League Baseball, hockey, tennis, soccer, golf, NASCAR racing and UFC fights, all for just $42.99 a month.
01:28Warner Brothers Discovery, Disney and Fox, quote, respectfully disagree with the judge's ruling and say they plan to appeal.
01:36That'll do it for your daily briefing from the New York Stock Exchange.
01:39I'm Conway Gittens with the street.