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,

Shares of Disney, Fox and Warner Bros. Discovery all sold off after the companies said they wouldn't move ahead with Venu Sports, their planned joint streaming venture. Read more:

They do not have a mainstream streaming service. Warner Brothers Discovery does have Max, But, you know, this would have really helped them to monetize some of their sports properties better. So I think,

Disney, Fox, and Warner Bros Discovery have ended their efforts to start a combined sports streaming service called Venu, the company said on Friday.

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

The companies say they will instead focus 'on existing products and distribution channels.' The move comes after the service, known as Venu, faced several legal challenges from rival providers.