ESPN, Fox, and Warner Bros. Discovery have decided to scrap their planned joint venture, Venu, which was set to launch a sports streaming service for cord-cutters in late 2024. The platform would have allowed fans to watch games from various channels without a full cable subscription, covering a range of sports events including the NFL, NBA, MLB, NHL, college football, the FIFA World Cup, and more. Each company was expected to own a third of the new operation and license their content on a non-exclusive basis. However, the decision to discontinue Venu was announced on Friday, with the networks stating that they will focus on existing products and distribution channels instead.
The proposed joint venture faced scrutiny from cable and satellite operators, with DirecTV filing a complaint with the FCC alleging violations of federal laws by Disney, and senators raising concerns about corporate consolidation and competition in the sports licensing rights industry. A judge had also blocked the launch of Venu amid concerns that it could stifle competition. Despite this setback, ESPN is still planning to launch a standalone app in 2025, allowing customers to purchase the channel without the need for cable. The decision to cancel Venu reflects the companies’ acknowledgment of the evolving demands of sports fans and the need to adapt to a changing marketplace.
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