The future of Fubo—the company responsible for blocking the launch of Venu Sports, the joint streaming venture from Disney, Fox, and Warner Bros. Discovery—is largely hanging on the results of its antitrust lawsuit against those major media powerhouses, despite key growth numbers announced Friday.
The sports-focused streamer’s North American subscriber base grew to 1.6 million in the third quarter, up 9% compared to the same period in 2023, the company said in its earnings release. Revenue was up 21% to $377 million. Outside of North America the streamer said revenue was up, but paid subscribers were down 8% year over year. (Fubo subscriptions start at $80 a month.)
While those results exceeded guidance, company leaders admit its fight against Venu is key for long-term viability.
As a company executive noted on Friday’s earnings call, the outcome of Fubo’s ongoing antitrust lawsuit against Disney, Fox, and Warner Bros. Discovery and “the potential impact of their proposed joint venture” pose some risk to future performance.
Fubo’s overall outlook remains optimistic.
“We are confident in the merits of our claims and believe the preliminary injunction will remain in place despite the defendant’s pending appeal,” Fubo cofounder and CEO David Gandler said.
The federal trial against Venu won’t begin until October 2025, and plenty could change for Fubo as well as Disney, Fox, or Warner Bros. Discovery, in that time period. “We look forward to the opportunity to prove our claims when our antitrust suit is presented,” Gandler said.
And Venu is not the only threat to Fubo right now. YouTube TV now has more than eight million subscribers, and may be on pace to become the top U.S. pay-TV provider by 2026.
In a recent interview with Front Office Sports, Gandler said Fubo had been “hamstrung” by the sports media giants like the ones behind Venu. “We’ve had not only our arms or hands tied behind our back, but our feet tied behind our back as well,” he said.
Gandler also said Fubo’s stock price “remains or trades in a way that doesn’t make a lot of sense,” while blaming the same media companies that Fubo must partner with for distribution deals. Fubo shares were 10% lower midday Friday morning to $1.55, and are down more than 50% year to date.
