New mega streaming platform could change sports forever - What we know so far

TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Wednesday, February 7.

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.

Investors are reacting to another batch of quarterly earnings. Snap saw its stock take a nosedive after reporting weaker than expected revenue while issuing a disappointing forecast. Ford, on the other hand, saw its stock pop after reporting a beat on earnings and issuing higher than expected guidance.

Investors are looking ahead to earnings from PayPal and Disney out after the bell Wednesday.

In other news, three of the biggest names in media are teaming up to create a sports streaming mega-platform. ESPN, Fox, and Warner Brothers Discovery announced their plan to launch the new platform in the fall of 2024. Each company will share one-third ownership in the project.

The service will include games from at least 15 networks and all four major sports leagues. The list of channels includes the entire ESPN family of networks, TNT, TBS, and a host of college conference networks - like the ACC and Big Ten.

Warner Brothers Discovery CEO David Zaslav said, "This new sports service exemplifies our ability as an industry to drive innovation and provide consumers with more choice, enjoyment, and value, and we're thrilled to deliver it to sports fans."

Subscribers will also have the option to bundle the new sports service with Disney Plus, Hulu, and Max. The name and price for the new platform have yet to be revealed.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.