Former Apple executive, Peter Distad, has been appointed to lead the upcoming sports-focused streaming venture of Disney, Fox, and Warner Bros. Discovery.
As of writing, the streaming platform remains unnamed but the three companies have pledged their support to Distad's leadership.
Disney, Fox, Warner Move Forward Joint Sports Venture
Last month, three major media companies announced their plan to establish a new streaming platform to make viewing sports content easier under one app. Distad will be leading the venture and reporting to the board of directors.
He will be based at the offices established in Los Angeles and will be joined by the independent management team that he will assemble.
"This is an incredible opportunity to build and grow a differentiated product that will serve passionate sports fans in the U.S. outside of the traditional pay TV bundle," he stated.
The three companies also shared in a joint statement that they are confident with Distad's ability to build an "extremely compelling [and] fan-focused product" for their target audience.
Joint Sports Venture by Disney, Fox, Warner Raise Concerns
It was a shock to the industry when the three companies announced their new project. According to the people familiar with the situation, the concept of the venture is to encourage customers who don't subscribe to cable or satellite services.
In addition, Fubo also openly criticized the venture stating that it would stifle competition in the streaming industry, especially for those who cater to sports media.
Fubo, which prides itself as a live sports streaming platform in the U.S., Canada, and Spain, filed a lawsuit against the three companies.
he lawsuit argued that the venture is a "years-long campaign to block Fubo's innovative sports-first streaming business resulting in significant harm to both Fubo and consumers."
