Core Insights - Fubo exceeded Wall Street expectations in Q2, reporting a loss of 8 cents per share and total revenue of $382.7 million, an improvement from a loss of 19 cents per share in the same quarter last year, with revenue increasing by 26% [1] - The company has 1.45 million paid subscribers, reflecting a 24% increase from the same period in 2023, and projects to reach approximately 1.8 million subscribers by the end of 2024 [1][3] Financial Performance - Advertising revenue rose by 14%, attributed to efforts to enhance visibility within agency holding companies during the start of the 2024 upfront season [3] - Fubo has increased its full-year guidance, expecting to achieve between 1.725 million to 1.745 million subscribers and revenue of $1.57 billion to $1.59 billion, excluding potential impacts from ongoing antitrust litigation [4] Legal Context - Fubo is involved in an antitrust lawsuit against Disney, Fox, and Warner Bros. Discovery, claiming these companies colluded to undermine Fubo through a streaming joint venture, Venu Sports [2][4] - A preliminary injunction hearing is scheduled in federal court, with Fubo's CEO expected to testify [2] Market Reaction - Following the earnings report, Fubo shares, which have declined over 50% in 2024, experienced a 16% increase in pre-market trading [5]

Group 1: Financial Performance - Fox reported total sales of $3.09 billion for the fiscal fourth quarter, a 2% increase from the previous year, aligning with Wall Street estimates [1] - Net income decreased to $320 million from $369 million year-over-year, with EPS at 68 cents compared to 74 cents, while adjusted EPS rose to 90 cents from 88 cents, exceeding expectations [1][2] - Affiliate fee revenues increased by 5%, driven by 9% growth in the Television segment and 2% growth in the Cable Network Programming segment [2] Group 2: Advertising and Revenue Insights - Advertising revenues remained flat compared to the prior year, with gains from Fox Sports and Tubi offset by lower ratings and pricing at the Fox Network [2] - "Other" revenues were reported at $226 million, down from $253 million in the prior year, primarily due to lower third-party content sales [2] Group 3: Strategic Outlook - The company anticipates a boost in political advertising and ratings due to the upcoming Presidential Election and Super Bowl in fiscal 2025 [3] - Fox's strategy and financial strength are highlighted as key factors for future shareholder value [3] Group 4: Corporate Developments - A family succession battle is ongoing, with Rupert Murdoch attempting to settle control of the family business, which could impact the future of Fox News [4] - Fox is set to launch a new sports streaming joint venture, Venu Sports, priced at $43.99 a month, amidst competition from Fubo [4]

OpenAI, the company behind the popular ChatGPT, is launching a test version of a search engine that will cite sources of information, including news from content business partners.  SearchGPT will summarize websites, including news sites, and let users ask follow-up questions, as they already do with ChatGPT. It’s a direct challenge to Google, which has also has tried to apply generative AI to its web search. OpenAI says it plans to integrate SearchGPT into ChatGPT in the future. ChatGPT can already per ...

Netflix is three years into its games initiative and said it will release about a game a month starting in July – so now – in its Netflix Stories series based on the giant streamer’s IP. Netflix Stories was launched in September of 2023 with Love is Blind and has a growing catalog of interactive fiction games based on series and films. In Q2, it added Virgin River and Perfect Match. This month it starts ramping up with Emily in Paris and Selling Sunset. Separately, a multiplayer game based on the Squid Gam ...

Netflix added 8 million subscribers in the second quarter, delivering its latest upside surprise to Wall Street, though the company’s stock pulled back on weaker guidance for future revenue. Revenue of $9.559 billion and earnings per share came in just ahead of Wall Street analysts’ consensus expectations. Subscriber additions nearly doubled estimates of a gain of 4.7 million, which would have represented a dip from the 5.9 million tacked on in Q2 of 2023. The company said revenue would rise 14% in the thi ...

Netflix co-CEO Ted Sarandos cut the ribbon on a major expansion of Netflix Studios Albuquerque and said the facility has racked up nearly $900 million in total investment in New Mexico production since 2019. The company launched the hub in 2018, marking its first purchase of a production studio complex. This one included eight sound stages on 28 acres with productions that included The Avengers, Breaking Bad, and Sicario. It’s the only complex Netflix owns outside one currently being developed in Fort Monm ...

Disney’s efforts to have an antitrust class action from streaming subscribers dismissed has been denied one more time, but the company will now not be on the hook for any cash. “The Court once again finds Plaintiffs’ allegations sufficient to plead Disney’s market power in a well-defined SLPTV market in the United States,” wrote U.S. District Judge Edward J. Davila today in a complex and mixed bag ruling for the Mouse House (read the order here). Back in November 2022, YouTube subscribers in a quartet of s ...

A virtual hearing set this morning in LA Superior Court could result in a black eye for the Walt Disney Company and its five-year battle against what is now a sprawling pay equity class action suit. Less than a year before an estimated trial start, Monday’s recently began session finds lawyers for Disney Studios staffers LaRonda Rasmussen and Karen Moore facing off with Mouse House attorneys from Paul Hastings LLP over accusations that once again the Bob Iger-led company has been refusing to hand over requ ...

IATSE is continuing its push to unionize visual effects workers, this time setting its sights on Apple Studios. The guild announced Friday that it has filed for a National Labor Relations Board election after a supermajority of the 17 employees across six Apple series have signed authorization cards. They have also already asked management at Apple Studios to voluntarily recognize their VFX workers’ union. Deadline has reached out to the studio for comment. The employees under the proposed bargaining unit ...

The Mouse House’s now abandoned Sunshine State relocation for staffers has turned into some pretty dark legal skies. Over a year after the once again Bob Iger run Disney dropped its Bob Chapek-era initiative to consolidate some California operations and employees in a new campus in Orlando’s Lake Nona area, a current VP of Product Design and a director of Product Design are taking the company to court in a potential class action. “As a result of relying on the statements relating to the Lake Nona project, ...