Disney, Warner Bros. Discovery, Fox To Discontinue Venu Sports Streaming Venture

(RTTNews) - Friday, Walt Disney Co. (DIS), Fox Corp., and Warner Bros. Discovery (WBD) announced a collective decision to discontinue Venu Sports, the proposed virtual Multichannel Video Programming Distributor service.

"After careful consideration, we have collectively agreed to discontinue the Venu Sports joint venture and not launch the streaming service," the joint press release 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. We are proud of the work that has been done on Venu to date and grateful to the Venu staff, whom we will support through this transition period."

The decision comes days after Disney entered into an agreement to merge its Hulu + Live TV business with New York-based FuboTV Inc. (FUBO), offering a variety of programming packages.

As part of the deal, FuboTV agreed to drop its lawsuit, which alleged Venu Sports of being against the U.S. antitrust law. The court ruled in favor of the company, issuing an injunction to temporarily suspend the launch of Venu Sports.