Disney, Fox, Warner Cancel Sports Streaming App Plans [Video]

The Walt Disney Company, Fox, and Warner Bros. Discovery have announced that they are canceling their planned Venu Sports streaming service abruptly shutting down a multi-billion joint venture that was legally troubled from minute one.

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According to a joint statement from the three media companies, the launch of Venu Sports has been scrapped, and the corporations would focus on “existing” means of sports viewing.

“After careful consideration, we have collectively agreed to discontinue the Venu Sports joint venture and not launch the streaming service,” the statement reads. “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 …