Venu, the live sports streaming service from ESPN, Fox, and Warner Bros. Discovery, isn’t happening. In a statement on Friday, the three companies announced the decision “not to move forward with the contemplated joint venture is effective immediately.”

The companies called off what would have been a major bet days after Disney struck a deal with rival streamer Fubo.

Walt Disney, Fox and Warner Bros Discovery on Friday abandoned plans to launch Venu Sports, their live sports joint venture, pulling the plug on the much-heralded effort after it ran into substantial legal opposition.

"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 de

Shares of Warner Bros Discovery and Fox fell more than 1%, while FuboTV's shares were up 7% in premarket trading. The streaming venture was established by the three media firms by bundling their broad portfolio of sports rights including the National Football League,