Disney, Fox, Warner Bros. Discovery Scrap Venu Sports Streaming Service

Disney, Fox, and Warner Bros. Discovery have canceled plans to launch their joint sports streaming service, Venu Sports, the companies announced in a joint statement on Friday. The decision comes after months of planning and a legal challenge from rival streamer Fubo, which claimed the platform would be anticompetitive.

“After careful consideration, we have collectively agreed to discontinue the Venu Sports joint venture and not launch the streaming service,” the companies stated. “In an ever-changing marketplace, we determined that it was best to meet the evolving demands of sports fans by focusing on existing products and distribution channels.”

Venu Sports was intended to combine the live sports assets of Fox, Warner Bros. Discovery, and Disney-owned ESPN. The service was initially slated to launch before the start of the NFL season in September but faced delays, including a legal challenge from Fubo. The litigation was resolved as part of a deal between Disney and Fubo to combine Hulu+ Live TV with Fubo’s internet TV bundle.

Fubo’s stock surged 250% earlier this week following the announcement of the Disney deal and rose another 5% in premarket trading on Friday. The companies expressed gratitude to the Venu staff and pledged to support them during the transition period.

The decision to scrap Venu Sports highlights the challenges of navigating the competitive and rapidly evolving streaming landscape. The companies emphasized their commitment to serving sports fans through their existing platforms and partnerships.