Venu was first announced in February and intended to combine the live sports assets of Fox, WBD and Disney-owned ESPN.
Disney, Fox and Warner Bros. Discovery have called off plans to launch their sports streaming service Venu.
Earlier this week, Disney and streamer Fubo settled litigation over the platform as part of a deal to combine internet TV bundles."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.
Fubo stock popped about 5% in premarket trading Friday. Shares had surged 250% on Monday after the Disney deal was announced.
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