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ESPN, Fox and WBD partnering to create a new sports streaming service. ESPN, Fox and Warner Bros. 顿颈蝉肠辞惫别谤测听announced听on February 6^th听that they have reached an understanding on principal terms to form a new joint venture (JV) to develop, launch and operate a streaming sports service. The offering, scheduled to launch in the fall of 2024, would be made available directly to consumers via a new app. The service would have a new brand with an independent management team. Subscribers would also have the ability to bundle the product, including with Disney+, Hulu and/or Max.

All-in-one sports service offers access to numerous linear sports networks听and ESPN+. Subscribers to the new service will have access to all of the听linear听sports networks听owned by Disney (ESPN, ESPN2, ESPNU, SEC Network, ACC Network, ESPN News and ABC), Fox (Fox Sports 1, Fox Sports 2, Big Ten Network, and FOX) and Warner Bros. Discovery (TNT, TBS and truTV), as well as ESPN+. Although not mentioned in the press release, we assume that only the live sports feed from the national ABC and Fox broadcast networks will be included. The new service will showcase thousands of high-profile sporting events, including content from all the major professional sports leagues and college sports, which we summarize in the table below. We view this offering as highly appealing for sports fans, especially in comparison to the alternative of stand-alone sports offerings from ESPN, Fox and WBD. We note that the NFL and College Football programming that falls outside of this bundle is already available via direct-to-consumer streaming offerings from NBCU (Peacock), Paramount (Paramount+) and Amazon (Prime Video).

Each company would own one-third of the JV. The formation of the pay service is subject to the negotiation of definitive agreements amongst the parties. Under the current plan, each entity would own one-third of the JV, have equal board representation and license their sports content to the JV on a听non-exclusive basis. In a previous report,听we estimated that ESPN is the biggest spender on sports rights at ~$6 billion per annum, followed by Fox (~$4 billion), with WBD鈥檚 Turner far below (~$2.6 billion). Thus, it will be interesting to see how the licensing terms are struck and whether WBD and Fox will need to contribute more upfront cash to the venture.

Pricing will be announced at a later date, but we expect a $40-$50 monthly price tag. We view the combined affiliate fee per sub/month of each linear network included, which we estimate at ~$26.50 (see table below), as the听absolute floor price听for the new sports streaming service. While the new platform is targeted at sports fans 鈥渙utside of the traditional pay TV bundle鈥�, we expect distributors like Comcast, DirecTV and YouTube TV will nevertheless require the streaming service to be priced at a sizable premium to the price they are paying to carry these networks in the linear bundle. A ~50% premium implies a price of ~$40 a month and if we assume a 2x markup, the service could be priced at ~$50 per month to reduce friction with MVPDs. We note that Fox and WBD also have very high profit exposure to non-sports programming, particularly Fox News and WBD鈥檚 vast array of non-fiction networks, and should accordingly be hesitant to price the new sports service at a level that will be highly disruptive to the traditional linear bundle. The fact that WBD鈥檚 B/R Sports add-on is priced at $9.99 a month (in addition to a Max subscription) and ESPN+ stand-alone is priced at $10.99 a month supports our view that this new service will carry a premium price tag. At the high-end, the new sports streaming service needs to be priced at a meaningful discount to vMVPDs like YouTube TV (~$73 a month) and Hulu + Live TV (~$77 a month), which have a broader content offering.