By George Glover
Walt Disney, Fox, and Warner Bros. Discovery said Friday they have scrapped plans to launch their jointly owned streaming platform Venu Sports, sending shares in rival FuboTV higher.
"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," Disney-owned ESPN, Fox, and Warner Bros. Discovery said in a statement. (Fox and News Corp, the parent company of Barron's publisher Dow Jones, share common ownership.)
Fubo shares climbed 6.9% to $5.75 in premarket trading. The sports streaming company and Disney announced a deal to merge their live TV offerings Monday, which would create a new business that would retain the Fubo name but be 70% owned by Disney. Fubo dropped its litigation against Venu as part of the transaction.
Warner Bros. shares slipped 1.8% ahead of the opening bell, while Disney was down 0.2%. Fox stock climbed 2.3% in premarket action.
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(END) Dow Jones Newswires
January 10, 2025 09:17 ET (14:17 GMT)
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