05:02 PM EDT, 08/16/2024 (MT Newswires) -- (Updates with additional details in the last paragraph.)

FuboTV ( FUBO ) closed almost 17% higher on Friday after a federal judge granted a stay on the planned launch of a rival sports streaming service by Fox (FOX), Walt Disney ( DIS ) and Warner Bros. Discovery ( WBD ) .

US District Judge Margaret Gaarnett issued a preliminary injunction against the new Venu Sports, citing the companies' "near-monopolistic control" over the market for an all-sports streaming service. The stay will remain in place until Fubo's lawsuit against the companies concludes.

Fubo sued Fox, Warner and Disney ( DIS ) soon after the companies disclosed plans for the new service in February, contending they would use their collective broadcast rights for most major sports to keep rival services from competing for viewers.

"This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options," Fubo cofounder and chief executive David Gandler said in a statement Friday.

The Venu partners have reportedly said they disagreed with the decision and would appeal, arguing Fubo failed to prove it was entitled to a stay. They did not immediately respond to MT Newswires.

Price: 1.6300, Change: +0.10, Percent Change: +6.54