Venu Sports, the proposed virtual MVPD (virtual Multichannel Video Programming Distribution) service from ESPN, FOX and Warner Bros. Discovery, has been scrapped.
The move follows the announcement that FuboTV Inc. and The Walt Disney Company have entered into a definitive agreement for Disney to combine its Hulu + Live TV business with Fubo, forming a combined vMVPD company which will provides multiple streamed television channels via the public Internet. In conjunction with the Transaction, Fubo has settled all litigation with Disney and ESPN related to Venu Sports. Fubo has also settled all litigation with FOX and Warner Bros. Discovery. Read here.
In a joint statement, the three companies said, “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.”