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The regulators will examine the terms of the deal when it is finalized, the report added.

Sports is still the top reason people say they're paying for cable, but soon they'll have an alternative. The planned streaming service from Walt Disney, Fox, and Warner Bros.

Legacy media companies like Disney have struggled to monetize sports streaming. A combined sports streaming service makes sense for both the broadcaster and customers.

Experts say the new app will likely get the ball rolling on reshaping the pay-TV landscape as streaming giants like Amazon, Apple and Netflix continue to hike up the already staggering price for sports rights.

The Walt Disney Company's (DIS) recent announcement of joint venture sports streaming servicewith Fox (FOX, FOXA) and Warner Bros. Discovery (WBD) dominated the company's latest earnings call.

Three of the largest media companies Disney, Fox FOXA and Warner Bros Discovery have announced plans to launch a joint streaming sports service, with all of their sports properties available under one app. The announcement came as revenue from their linear television properties continue to decline from cord cutting and lower audiences for most programming with the exception of live premium sports.

Warner Bros. Discovery (WBD), Fox (FOX, FOXA), and Disney's ESPN (DIS) are joining forces to form a sports streaming service set to debut in fall 2024.

CNBC's Julia Boorstin and Alex Sherman join 'The Exchange' to discuss how ESPN, Fox and Warner Bros. Discovery are joining hands to launch a joint sports streaming platform this year.

FuboTV Inc.'s stock was tanking for a second straight day — down 24% in early-afternoon trading Wednesday — after Walt Disney Co.'s ESPN, Fox Corp. and Warner Bros. Discovery Inc. announced a sports-streaming joint venture late Tuesday.

Fox's (FOXA) Q2 results reflect improvements in fees from owned and third-party FOX affiliates, offset by the absence of the FIFA Men's World Cup and lower political advertising revenues.