Disney, Fox, Warner Bros. Cancel Venu Sports

Disney, Fox, and Warner Bros. Discovery have abruptly canceled their planned sports streaming service, Venu Sports, which was intended to provide access to major sports programming. The decision, announced just days after settling a legal challenge from Fubo, stems from concerns over potential future legal issues and the desire to focus on existing distribution channels. Venu was set to launch in fall 2024 but faced significant antitrust scrutiny due to the combined market power of the three companies, which control a large portion of U.S. sports media rights. Following the cancellation, Disney is proceeding with the acquisition of Fubo, which will merge with Hulu+ Live TV, allowing Disney to gain a 70% stake in Fubo. The cancellation has left many employees blindsided, as they were preparing for the service's launch. The companies expressed gratitude for the efforts put into Venu and plan to support affected staff during this transition period.