Gather round, folks. A few weeks ago, Fox announced its plans to launch a new streaming video product after years of proudly planting their flag in the “we don’t do that” camp. Today, CFO Steve Tomsic took the stage at the Barclays Communications and Content Symposium to assure everyone that despite launching a new general-interest subscription streaming service, they’re definitely not trying to compete with Netflix, Disney+, Peacock, or Paramount+. Nope, they swear. They just happen to be launching a general-interest streaming service in the year 2025. Pure coincidence.
Tomsic delivered what can only be described as an advanced-level course in corporate gymnastics, where the thesis “hasn’t changed,” yet suddenly, they’re launching a product in a space they swore off. What Fox is probably trying to say is that they’re aiming to be different, but let’s expose the irony here. They insist, “That is not our game,” while describing a game that sounds exactly like streaming. It’s the equivalent of saying you’re not in the burger business while opening a drive-thru.
What we do know is that the service will include live sports and news—two things that are no longer differentiators in 2025. So, how exactly is Fox different?
The “We’re Different” Sales Pitch
Fox is sticking to their playbook of live sports and news, with a sprinkle of “other assets on top.” They claim their mysterious new streaming product is for the 50 million households outside the bundle—which is a clever way of saying they need to make sure those cord-cutters still have a way to give Fox their money. But let’s be real: Saying you’re not chasing Netflix, Disney, Peacock, and Paramount+ is Marketing 101 in differentiation. Just don’t lie to us—Fox has their posters on the wall, framed and autographed.
What we do know is that Fox is foaming at the mouth to repurpose the tech stack they built for Venu Sports—the sports streamer that died before it could live, thanks to Fubo’s lawsuit. Fox, Disney, and Warner Bros. Discovery had dreams of a sports super-app, but after Disney cut a deal with Fubo and took majority control, Venu was taken behind the shed.
Now, Fox is hinting that this new mystery streamer will benefit from that tech. What does that mean exactly? Even they seem unsure, but hey—at least it’s jobs, right?
The ESPN Wild Card That Wasn’t
One big question mark was whether Fox would strike a deal with ESPN, which is prepping a massive flagship streaming service. The idea of a partnership with ESPN effectively died when News Corp. chairman Lachlan Murdoch announced Fox’s streaming plans.
Puck’s John Ourand reported that ESPN is no longer in talks to license Fox Sports content for its direct-to-consumer platform, effectively ending any chance of Fox joining ESPN’s streaming plans. Instead, Fox appears to be going all-in on its own strategy. During a February earnings call, Murdoch confirmed Fox is launching its own service by the end of 2025, marking a major shift in how it packages its content.
For years, Fox was seen as a logical licensing partner for other sports streamers. The company largely avoided the “streaming wars” of the late 2010s and early 2020s, even selling its regional sports networks and cable channels to Disney in 2019. However, Fox still holds a strong hand in live sports, broadcasting marquee events like America’s Game of the Week (NFL), the World Series, FIFA World Cup, and the Daytona 500, plus FS1’s studio programming. Rather than licensing this content to ESPN, Fox may see an opportunity to bundle its sports and news assets into a package of its own.
But Wait—What About Tubi?
Let’s not forget: Fox already owns Tubi, one of the more successful FASTs. So while they may be launching a new service, please don’t call it “net new,” Fox isn’t suddenly “entering” the streaming wars—they’ve been at it for a while, just on the monetize your eyeballs side of things. This move is more of an expansion than an entry.
Skip Says…
Fox is positioning this as a strategic move to modernize distribution and offer something to consumers outside the pay-TV ecosystem. But let’s not kid ourselves—this is a classic case of “we’re totally not doing this thing… except we are.”
What will this service actually be? Will it be compelling enough to carve out a niche? Or will it be another half-baked attempt to slap a new coat of paint on an also-ran with a few exclusive bells and whistles? We’ll have to wait and see. But until then, let’s all enjoy the performance of a company doing everything it can to expand its streaming footprint while swearing up and down that it isn’t.
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