Venu Sports has officially been discontinued, ESPN said in a news release on Friday, Jan. 10. The massive venture was a partnership between the "Worldwide Leader in Sports," FOX, and Warner Bros. Discovery.
The companies released a brief statement announcing the end of Venu Sports.
"After careful consideration, we have collectively agreed to discontinue the Venu Sports joint venture and not launch the streaming service," the joint statement read. "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."
The move comes as a surprise after Disney, ESPN's parent company, acquired a majority stake in FuboTV on Monday, Jan. 6. Fubo was first created with a similar sports-centric goal as Venu but has become a broader streaming TV option for all types of cord-cutters.
The Disney-Fubo merger also resolved related litigation regarding the plans for Venu Sports. Disney, FOX, and Warner Bros. Discovery agreed to pay Fubo $220 million to end the lawsuit.
The settlement appeared to clear the way for the three companies to continue their launch of Venu Sports. According to sports media news website Awful Announcing, Venu reportedly chose an executive team, established prices, and was reportedly trying to launch in time for Super Bowl LIX in February.
While the partners did not elaborate on the factors leading to their decision, their statement emphasized a commitment to helping Venu's staff.
"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 companies said.
Disney will continue to stream games on platforms like ESPN+ and Hulu, FOX will still use its own Fox Sports app and Tubi among other options, and Warner Bros. Discovery will primarily keep its sports properties on Max.
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