Walt Disney, Fox, and Warner Bros. Discovery said Friday they have scrapped plans to launch their jointly owned streaming platform Venu Sports, sending shares in rival FuboTV higher. “After careful consideration,

The companies called off what would have been a major bet days after Disney struck a deal with rival streamer Fubo.

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.

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,