Venu Sports Streaming Service Canceled by Networks

The planned launch of Venu Sports, a joint sports streaming service by ESPN, Fox, and Warner Bros Discovery, has been officially canceled after nearly a year of legal challenges and market evaluation. The companies cited the need to focus on existing products and distribution channels as the primary reason for discontinuing the venture, which was intended to offer subscribers access to live sports from numerous networks for a monthly fee of $42.99. The decision comes shortly after FuboTV and Hulu + Live TV announced a merger, resolving Fubo's lawsuit against Venu Sports that claimed it would reduce competition in the streaming market. The cancellation has resulted in declines in stock prices for Warner Bros Discovery, Fox, and Disney, while FuboTV's stock rose. The joint statement emphasized gratitude for the work done on Venu and support for its staff during this transition. Legal and competitive pressures, including a judge's ruling favoring FuboTV, significantly influenced the decision to abort the launch.