Disney, Fox, and Warner Bros. Discovery Slam the Brakes on Venu

After previously teasing a joint sports streaming TV service called Venu, Disney, Fox, and Warner Bros. Discovery decided not to move forward. First announced in February 2024, Venu was supposed to offer various sporting events and channels from the three media giants bundled all in one place.

Just a few days ago, Disney announced a deal to add Hulu+ Live TV to FuboTV’s lineup of programming. Under the agreement Disney, Fox, and Warner would pay FuboTV $220 million and give Disney 70% control of the company. It seemed a likely path to make Venu a reality.

“After careful consideration, we have collectively agreed to discontinue the Venu Sports joint venture and not launch the streaming service,” the companies stated, according to CNN. “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.”

Venu employees reportedly weren’t told the deal fell apart until the last minute. With such big names behind the potential streaming service, staff ostensibly believed job security was not of major concern.

DirecTV May Have Foiled Venu

An antitrust lawsuit filed by FuboTV over a year ago sought to stop Warner Bros. Discovery, Fox, and Disney from creating a combined sports streaming service. FuboTV would have been in an extremely difficult position should Venu happen. Upon reaching the agreement with the three media conglomerates, FuboTV asked a federal court to dismiss its pending case.

However, other competitors took issue with the deal — satellite TV providers DirecTV and Dish Network. Purportedly, the two companies are asking the federal judge on the case to take another look.

“DirecTV remains a leader in sports, and we look forward to working with our programming partners — including Disney, Fox and Warner Bros. Discovery — to compete on a level playing field to deliver sports fans more choice, control, and value all-in-one experience,” said a DirecTV spokesperson, per CNBC.

Warner Bros. Discovery, Fox, and Disney currently own about half of the media rights to U.S. sports and nearly 60% of broadcast rights. It appears the cancelation of Venu was easier than dealing with further litigation and potential contract conflicts among the three media companies.