FTC, states to sue over Kroger-Albertsons deal

Fubo sues media firms over joint sports deal

Fox Corp., Warner Bros Discovery Inc. and Walt Disney Co. were sued by FuboTV Inc. over a proposed sports streaming service, saying the companies wouldn't allow their smaller rival to carry a bundle of channels.

The lawsuit seeks to block a joint venture for the service, saying the three companies are using their power to hinder Fubo's business, Fubo said in a statement.

The Justice Department already plans to scrutinize the new product over concerns it will harm consumers, media rivals and sports leagues, Bloomberg reported last week, citing two people familiar with the process. Regulators will look at terms of the joint venture once it is finalized, the people said.

Disney, Fox and Discovery announced the service earlier this month that would combine content from Disney's ESPN and ABC networks, Fox and Warner channels, including TNT and TBS. Citi analysts estimated the venture would control about 55% of U.S. sports rights.

The companies' say they aim to attract viewers who don't subscribe to a paytelevision bundle and offer sports programming available on traditional cable packages.

Fubo declined to comment beyond confirming the lawsuit. ESPN and Fox declined to immediately comment while officials at Warner Bros Discovery couldn't immediately be reached.

Amazon will replace Walgreens on Dow Jones

Amazon.com is being added to the Dow Jones Industrial Average, joining Apple, Walt Disney, Walmart and other companies that make up the 30-stock average.

The e-commerce giant will replace drugstore operator Walgreens Boots Alliance in the Dow before the open of trading Monday, S&P Dow Jones Indices said Tuesday.

The shift was prompted by

Walmart's decision to do a 3-to-1 stock split, which will reduce its stock's weighting in the index. The Dow is a price-weighted index, so stocks that fetch higher prices are given more weight.

Seattle-based Amazon will join the Dow on the same day that Walmart executes its stock split.

Amazon's entry into the Dow, Walgreens' exit and Walmart's stock split will cause a ripple effect on the weighting of the Dow stocks. Once the shift is completed, Amazon's weight in the Dow will rank 17th out of the 30 stocks in the index. Walmart's weighting will drop to 26 from 17. UnitedHealth Group will remain the most heavily weighted stock in the index.

Also before the start of trading Monday, ride-sharing service Uber Technologies will be added to the Dow Jones Transportation Average, S&P Dow Jones Indices said.

The Federal Trade Commission and a group of states are poised to sue as soon as next week to block the tie-up between supermarket giants Kroger Co. and Albertsons Cos., according to people familiar with the plans.

The suit is expected to be filed before Wednesday, when an agreement not to close the deal between the companies and the FTC expires. Several states are expected to join the suit alongside the federal antitrust enforcers, the people said.

The companies are working to schedule meetings with FTC Chair Lina Khan and the agency's other commissioners in an effort to persuade the antitrust agency not to sue over their proposed deal, said the one of the people, who asked not to be named discussing confidential matters.

An FTC spokesman declined to comment.

Compiled from Associated Press and Bloomberg reports.