An advertisement for Venu Sports, the sports streaming company of Disney, Warner Bros. Discovery and Fox, hangs at the Fanatics Fest event in New York City on August 16, 2024.
Jessica Golden | CNBC
Disney, Fox And Warner Bros. Discovery have canceled plans to launch their sports streaming service Venu, the companies said in a joint statement on Friday.
“After careful consideration, we have collectively agreed to discontinue the Venu Sports joint venture and not launch the streaming service,” they said in the statement. “In an ever-changing marketplace, we decided it was best to meet the changing demands of sports fans by focusing on existing products and distribution channels. We are proud of the work done on Venu to date and are the Venu grateful staff, whom we will support during this transition period.”
First announced in February, Venu was intended to combine the live sports assets of Disney-owned Fox, WBD and ESPN. The launch was initially planned before the start of the NFL season in September, but was delayed in part by a legal challenge from streamer Fubo, which claimed the platform was anti-competitive.
That lawsuit was settled earlier this week as part of a deal between Disney and Fubo to combine the media giant's Hulu+ Live TV with Fubo's Internet TV bundle.
Fubo stock fell about 5% in premarket trading on Friday. Shares were up 250% on Monday after the Disney deal was announced.
— CNBC's Lillian Rizzo contributed to this report.
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