Disney, Fox, Warner Bros call off Venu sports streaming service
Disney, Fox and Warner Bros. Discovery have called off plans to launch their sports streaming service, Venu, the companies said in a joint statement Friday.
Disney, Fox and Warner Bros. Discovery have called off plans to launch their sports streaming service, Venu, the companies said in a joint statement 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 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 and intended to combine the live sports assets of Fox, WBD and Disney-owned ESPN. It was initially slated to launch before the start of the NFL season in September, but was delayed in part by a legal challenge from internet TV bundler Fubo, which claimed the platform would be anticompetitive.
Together Disney, Fox and WBD control more than 50% of all U.S. sports media rights, and at least 60% of all nationally broadcast U.S. sports rights, according to the judge on the antitrust case.
The news that it would not launch came as a shock to Venu employees, who found out late Thursday night, according to people familiar with the matter. They believed they had a pathway forward to launch the service after Disney agreed earlier this week to merge its Hulu+ Live TV with Fubo, settling all litigation over Venu.
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