On Friday, Walt Disney Co. (DIS), Fox Corp., and Warner Bros. Discovery (WBD) announced their joint decision to halt plans for Venu Sports, a proposed virtual Multichannel Video Programming Distributor service.
A joint press release stated, "After thorough evaluation, we have reached a collective agreement to discontinue the Venu Sports venture and not move forward with the launch of the streaming service. In today's rapidly changing market, we concluded that it is more advantageous to cater to the evolving needs of sports fans by concentrating on existing products and distribution channels. We are proud of the achievements made in developing Venu so far and extend our gratitude to the Venu staff, whom we will support during this transitional phase."
This decision was made just days following Disney's agreement to merge its Hulu + Live TV business with New York-based FuboTV Inc. (FUBO), which offers a variety of programming packages.
As part of the agreement, FuboTV agreed to withdraw its lawsuit, which accused Venu Sports of violating U.S. antitrust laws. The court had previously ruled in favor of FuboTV, issuing an injunction that temporarily halted the launch of Venu Sports.
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