The question on the minds of many sports fans these days is just how will they watch their favorite teams in the future? On Tuesday, we got some clarity.
According to a press release by Warner Bros. Discovery, the parent company of TNT among others, there are plans for the launch of a new sports streaming service coming in Fall 2024. WBD will be forming a joint venture with both ESPN and FOX to make this happen.
This new standalone service will be offered through its own app once it’s up and running. It will offer most of the top sports including the NFL, NBA, WNBA, MLB, NHL, NASCAR, College Sports, UFC, PGA TOUR Golf, Grand Slam Tennis, the FIFA World Cup, Cycling and more.
Some Specifics
ESPN, FOX and Warner Bros. Discovery have reached what they call an understanding on principal to form a new joint venture to build an innovative new platform to house a compelling streaming sports service. The platform brings together the companies’ portfolios of sports networks, certain direct-to-consumer (DTC) sports services and sports rights – including content from all the major professional sports leagues and college sports.
The formation of the pay service is subject to the negotiation of definitive agreements amongst the parties. The offering, scheduled to launch in the fall of 2024, would be made available directly to consumers via a new app. Subscribers would also have the ability to bundle the product, including with Disney+, Hulu and/or Max.
Among the channels that will be available for access through this single app include ESPN, ESPN2, ESPNU, SECN, ACCN, ESPNEWS, ABC, FOX, FS1, FS2, BTN, TNT, TBS, truTV, as well as ESPN+. Currently, the out-of-market NHL game package is housed by ESPN+.
Each entity would own one-third of the joint venture, have equal board representation and license their sports content to the joint venture on a non-exclusive basis. In addition, the service would have a new brand with an independent management team.
More details including pricing for this service will be announced at a later date.
Thoughts from Each Party
Here is what each Chief Executive Officer had to say about this news.
“The launch of this new streaming sports service is a significant moment for Disney and ESPN, a major win for sports fans, and an important step forward for the media business. This means the full suite of ESPN channels will be available to consumers alongside the sports programming of other industry leaders as part of a differentiated sports-centric service. I’m grateful to Jimmy Pitaro and the team at ESPN, who are at the forefront of innovating on behalf of consumers to create new offerings with more choice and greater value.” -Bob Iger, Chief Executive Officer of The Walt Disney Company
“We’re pumped to bring the FOX Sports portfolio to this new and exciting platform. We believe the service will provide passionate fans outside of the traditional bundle an array of amazing sports content all in one place.” -Lachlan Murdoch, Executive Chair and Chief Executive Officer of FOX
“At WBD, our ambition is always to connect our leading content and brands with as many viewers as possible, and this exciting joint venture and the unparalleled combination of marquee sports rights and access to the greatest sporting events in the world allows us to do just that. This new sports service exemplifies our ability as an industry to drive innovation and provide consumers with more choice, enjoyment and value and we’re thrilled to deliver it to sports fans.” -David Zaslav, Chief Executive Officer of Warner Bros. Discovery
Initial Thoughts
The question that will prevail in the early going in light of this news will be the cost. While it’s certainly easy to see why something like this will be exciting, it’s yet another decision that fans will have to weigh. Will it be worth it for them to get this service if they already subscribe to cable?
Another thing to consider is the potential competition involved. There’s been some talk that companies like Amazon Prime Video would get into streaming more sports. The ongoing Bally Sports/Diamond bankruptcy situation has called the immediate future of regional sports networks into question. Some teams have jumped out on their own to show games such as the Arizona Coyotes, Vegas Golden Knights and Pittsburgh Penguins. Will others follow suit?
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Overall, this joint venture has the potential to be a viable option. Being able to switch between many different offerings in one app will be a benefit. But there is still a lot unknown including the cost of this new streaming service.
NHL fans currently can watch their non-exclusive out-of-market games on ESPN+. ESPN+ will be included in this new service. The price point varies based on if fans purchase it standalone or bundled. If the price comes in at a similar range, that’s a win. Otherwise it could lead to more frustration having to dish out more just to watch their favorite teams play.
Stay tuned. There’s plenty more to come from this story.
