Disney, Fox and Warner Bros Discovery cancel Venu Sports launch

In a joint statement, the three companies said: “After careful consideration, we have collectively agreed to discontinue the Venu Sports joint venture and not launch the streaming service.

“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.”

Venu was first announced in February last year and intended to combine the live sports assets of Fox, WBD and Disney-owned ESPN into a single streaming service.

It was set to carry major events such as NFL, NBA, US Open, Formula 1 and FIFA World Cup and was designed to attract younger viewers who don’t subscribe to cable TV.

Venu Sports was initially meant to launch before the start of the NFL season in September, but was delayed in part by a legal challenge from internet TV platform Fubo, which claimed the platform would be anticompetitive.

However, that legal obstacle appeared to have been removed last week after Disney took a significant stake in Fubo TV, agreeing to merge it with its Hulu Live service.

Media reports suggested that further litigation may have lain ahead for Fubo from other TV firms, prompting its backers to pull the plug on the platform.