Walt Disney's ESPN, Fox Corp and Warner Bros. Discovery own a wide range of portfolios of sports rights including those for the FIFA World Cup, Formula 1 and the National Football League.The service would have "a new brand with an independent management team" which would be available via a new app.The firms say each company will own one-third of the joint venture and have equal board representation.
They added that the new joint venture aims "to serve sports fans, particularly those outside of the traditional pay TV bundle". Bob Iger, the chief executive officer of Walt Disney called the launch "a major win for sports fans, and an important step forward for the media business".
Source: Law Daily Report (lawdailyreport.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: