After facing significant legal challenges, Disney, Fox, and Warner Bros. Discovery have pulled the plug on its joint streaming venture Venu Sports. The bundled sports streamer would have allowed subscribers to watch all the games the three companies telecasted. In a statement released on Friday, the three companies said they were “meet the evolving demands of sports fans by focusing on existing products and distribution channels.”
“After careful consideration, we have collectively agreed to discontinue the Venu Sports joint venture and not launch the streaming service,” the companies said in a 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.”
The news comes after Disney took a majority stake in the Fubo streaming service and connected it with the Hulu live-TV. This came after Fubo had opposed the joint sports venture in court saying it was an antitrust matter. Initially, it seemed that this deal cleared the path for Venu to open as planned. However, then DISH and DirecTV complained in court that the antitrust issues remained. After this filing, the joint venture would soon be stopped.
With the addition of Fubo’s programming to Disney’s stable, the landscape may have also changed enough that Disney no longer needs Venu. It also is possible that the window of opportunity has passed. Later this year, the ESPN stand-alone streaming service. This has been trumpeted by Disney as the must-have sports streaming service. Venu could have ended up becoming a competition for the new streaming service.
Press Release
Venu Sports Will Be Discontinued
Venu Sports, the proposed virtual MVPD service from ESPN, FOX and Warner Bros. Discovery, will be discontinued. The collective decision by the three companies not to move forward with the contemplated joint venture is effective immediately.
JOINT STATEMENT FROM ESPN, FOX AND WARNER BROS. DISCOVERY
“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 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.”
