Venu Sports, the proposed virtual MVPD service from ESPN, FOX and Warner Bros. Discovery, will be discontinued, the three companies said in what they called a collective decision not to move forward with the contemplated joint venture.

Venu Sports, the live sports joint venture, between Walt Disney, Fox and Warner Bros Discovery will be discontinued, the companies said on Friday. The media companies had planned to launch Venu Sports,

The three companies will instead be focusing on "existing products and distribution channels" The post Venu Sports Is Dead: Disney, Warner Bros. Discovery and Fox Scrap Joint Streaming Venture appeared first on TheWrap.

The sports-focused streaming service co-founded by The Walt Disney Co, Warner Bros. Discovery and Fox Corp. will not move forward, the companies said Friday.

Walt Disney, Fox and Warner Bros Discovery on Friday abandoned plans to launch Venu Sports, their live sports joint venture, pulling the plug on a much-heralded effort that ran into substantial legal opposition.

Venu was blocked on its drive to the goal. Disney, Fox and Warner Bros. Discovery on Friday said they would scrap their ambitious plans for a bundled sports streamer that would show all their game telecasts and studio programs,

"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 de

Shares of Warner Bros Discovery and Fox fell more than 1%, while FuboTV's shares were up 7% in premarket trading. The streaming venture was established by the three media firms by bundling their broad portfolio of sports rights including the National Football League,