Now Streaming: DOJ said to probe NFL over anticompetitive tactics

“Now Streaming” is The Fly’s weekly recap of the stories surrounding the biggest content streamers.

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PLAYING THIS WEEKEND: Among this weekend’s most notable new streaming content is the first two episodes of season five of Amazon Prime Video’s (AMZN) “The Boys,” which is entering its final season. Meanwhile, HBO Max (WBD) subscribers can catch the first episodes of the new seasons of comedy series “Hacks” and drama series “Euphoria,” while Netflix (NFLX) users can watch crime comedy series “Big Mistakes,” starring Dan Levy, Taylor Ortega, and Laurie Metcalf. Additionally, Disney+ (DIS) subscribers can watch animated series “Star Wars: Maul – Shadow Lord.”

DOJ EYES NFL: The Department of Justice has opened an investigation into whether the National Football League has engaged in anticompetitive tactics that harm consumers, people familiar with the situation told The Wall Street Journal’s Jessica Toonkel and Dana Mattioli. While the nature and scope of the investigation couldn’t immediately be learned, the report notes that media companies, regulators and members of Congress have raised concerns over how difficult it is for consumers to be able to watch their favorite games as a result of rights deals in which leagues offer smaller packages of games to streamers. Companies that broadcast NFL games include Comcast (CMCSA), Disney, Fox (FOXA), Paramount Skydance (PSKY), Netflix, and Amazon.

GOLDMAN UPGRADES NETFLIX: Goldman Sachs analyst Eric Sheridan upgraded Netflix to Buy from Neutral with a price target of $120, up from $100, which offers 26% upside from current levels. Ahead of the Q1 earnings report, Goldman sees a more positive risk/reward with the stock down 18% in the past six months. The earnings report will show a “strong start” to 2026 as Netflix continues to execute well against its core areas of focus, the analyst tells investors in a research note. The firm believes the company’s original and returning content is driving user growth and engagement. Goldman sees momentum for Netflix from its pricing power, advertising tier and capital return potential.

NETFLIX/PLAYGROUND: Earlier this week, Netflix announced the launch of its Playground app for kids. “Today, we’re unveiling an expansion of our preschool and kids’ series, films and games lineup designed to fuel imagination and exploration for the next generation,” the company said. “Combined with our comprehensive parental controls, this high-quality, curated environment lets kids discover at their own pace while giving parents added confidence and peace of mind… Now there’s a new way for kids to play and explore with their favorite characters – from Peppa Pig to their friends on Sesame Street – called Netflix Playground. Designed for children ages 8 and under, Netflix Playground is included with all memberships and makes saying “yes” to playtime easier, with no ads, in-app purchases or extra fees. Netflix Playground is now available in the US, Canada, the UK, Australia, the Philippines and New Zealand. It will be released in the rest of the world on April 28.”

NETFLIX/ITALY: A court in Rome has ruled Netflix has unlawfully increased its prices on its Italian subscribers over the past seven years and has ordered the U.S. company to reimburse them, Reuters reported this week, citing an announcement made by Movimento Consumatori. Netflix intends to appeal against the court’s decision, stating, “We take consumer rights very seriously and believe our terms have always complied with Italian laws and practice.”

PARAMOUNT/SAUDI ARABIA FUNDS: Paramount Skydance is currently in discussions with three sovereign-wealth funds led by Saudi Arabia to secure signed equity commitments of close to $24 billion, Jessica Toonkel and Lauren Thomas of The Wall Street Journal reported, citing people familiar with the matter. Saudi Arabia’s Public Investment Fund intends to provide $10B of the nearly $24B to Paramount.

PARAMOUNT/JEFF SHELL: Paramount Skydance issued the following statement regarding Jeff Shell: “PSKY’s Board of Directors followed standard practice and, with the assistance of independent counsel, conducted a complete and thorough review of the allegations raised in a recently filed civil complaint that Mr. Shell, PSKY’s President, had violated certain SEC disclosure rules. The facts demonstrated that these allegations do not establish a securities law violation. Mr. Shell promptly notified PSKY of these accusations and is taking forceful legal action. PSKY and its named Board members will respond in the proceedings to the frivolous and baseless claims against PSKY and its named Board members and stockholders. Consistent with Mr. Shell’s commitment to prioritizing PSKY’s success, he has elected to transition from his positions as President of PSKY and a member of PSKY’s Board of Directors to focus on this lawsuit. PSKY is grateful for Mr. Shell’s many contributions and to have relied on him as a valued advisor.”

FUBO/BARRINGTON: Barrington upgraded FuboTV (FUBO) to Outperform from Market Perform with a $16 price target. The company’s updated financial outlook calls for EBITDA of $80M-$100M for fiscal 2026, improving to $300M in fiscal 2028, the analyst tells investors in a research note. FuboTV also expects to generate positive free cash flow in 2027, Barrington points out. The firm believes FuboTV’s greater scale and its potential for stronger advertising monetization create opportunities for improved profitability.

STOCK PLAYS: Other publicly traded companies in the space include Apple (AAPL), AMC Networks (AMCX), and Roku (ROKU).