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“After careful consideration, we have collectively agreed to discontinue the Venu Sports joint venture and not launch the streaming service,” the trio said in a joint press release. “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.”

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“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,” a DirecTV spokesperson told 【 - Free Membership Group 】.

Legacy media companies have been working for years to transition away from relying on the traditional cable bundle and toward profitable streaming services as millions of consumers cut the cord each year, a migration prompted by the rapid rise of Netflix.

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Venu Sports would have housed the trio’s respective sports portfolios in a single platform — including NFL, NBA, MLB, NHL, FIFA World Cup games, NASCAR races, UFC matches, and PGA TOUR golf tournaments.

In August, Fubofiled a lawsuitblocking the platform’s launch, alleging at the time that WBD, Fox, and Disney were using their sports media rights to slip by the competition in a single anticompetitive bundle. To settle the lawsuit, Disney, Fox and WBD said Monday they would pay Fubo $220 million, and Disney would provide a $145 million loan to Fubo through 2026.

why is jain marmo industries limited (539119) rising ✌️【Stock Trading】✌️ Free access to professional investment advisors who provide real-time market data and trend analysis. Select top-performing stocks and boost your capital with expert strategies for market growth. While Venu’s launch looked increasingly unlikely in recent months, Disney has touted its yet-to-launch flagship ESPN streaming platform as a viable recourse. But Disney’s deal with Fubo on Monday gave the appearance that the Magic Kingdom was hedging its bets on its ESPN platform. Venu’s dissolution will now likely see Disney double down on its ESPN streamer, which is set to launch later this year.

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