According to The Hollywood Reporter, Venu Sports, the joint venture from Disney, Fox, and Warner Bros. Discovery, will not come to fruition. The live sports streaming service was set to launch later this year after being announced last February.
“After careful consideration, we have collectively agreed to discontinue the Venu Sports joint venture and not launch the streaming service,” the three companies said in a statement via The Hollywood Reporter. “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.”
This news comes mere days after Disney settled an antitrust lawsuit with Fubo, and announced it had purchased the live events streaming service. Fubo will merge with Disney’s Hulu + Live TV service, offering subscribers thinner options in a bloated streaming market. Both services can still be purchased separately.
“We are thrilled to collaborate with Disney to create a consumer-first streaming company that combines the strengths of the Fubo and Hulu + Live TV brands,” David Gandler, Fubo’s CEO, said in a statement via Deadline. “This combination enables us to deliver on our promise to provide consumers with greater choice and flexibility. Additionally, this agreement allows us to scale effectively, strengthens Fubo’s balance sheet and positions us for positive cash flow. It’s a win for consumers, our shareholders, and the entire streaming industry.”
The proposed joint service originally aimed to compete with cable sports subscriptions, offering viewers an array of sports-centric networks in one platform. Venu would have included access to ABC’s ESPN channels; Warner’s TNT, TBS, and TruTV; and even conference-specific networks such as ACCN, SECN, and BTN. The service was priced at $42.99 a month and had arranged a fall 2024 launch before Fubo filed an injunction, delaying its release. A motion to dismiss the suit was denied and all parties were scheduled for court in October.
The joint service was met with trepidation from the beginning. Not only did Fubo announce its billion-dollar lawsuit days after the then-unnamed streamer was announced, but Congress was also cautious of the business venture, echoing concerns about competition and consumer choice. The odds against a smooth transition increased when Warner Bros. Discovery lost its NBA broadcasting rights.
In recent years, streaming platforms have courted more live events. Netflix recently launched WWE’s Monday Night Raw and will air the Screen Actors Guild Awards. Prime Video has scored some success with the NFL’s Thursday Night Football.