The battle to gain influence in the live sports market is heating up among streaming platforms. Netflix (NASDAQ: NFLX) has been pushing hard over the past few months to integrate live sports. Its Mike Tyson versus Jake Paul boxing match attracted 65 million viewers and led to 1.4 million new subscribers in the days after. The company also saw record-breaking success in broadcasting two Christmas Day National Football League games.
Walt Disney (NYSE: DIS) is striking back hard. On Jan. 6, the communication services company revealed that it would be purchasing a controlling stake in the sports streaming platform FuboTV (NYSE: FUBO). On the same day, shares of Fubo skyrocketed by an incredible 251%. They rallied another 15% in after-hours trading. Below, I’ll explain the details of the deal, as well as the important implications for both Fubo and Disney.
