Venu Sports, the proposed virtual MVPD service from ESPN, FOX and Warner Bros. Discovery, will be discontinued, the three companies said in what they called a collective decision not to move forward with the contemplated joint venture.

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.”

"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