The plans for Venu, a sports streaming service jointly owned by Disney, Fox, and Warner Bros. Discovery, have been abandoned.

• The plans for Disney, Fox, and Warner Bros. Discovery to launch their sports streaming service, Venu, have been abandoned.
• In February, it was first revealed that Venu was planned to merge the live sports assets of Fox, WBD, and Disney-owned ESPN.
• This week, Disney and Fubo reached a settlement in their litigation and agreed to combine their internet TV bundles.

The companies have announced the cancellation of their plans to launch Venu, their sports streaming service, according to a joint statement released on Friday.

"After careful consideration, we have decided to discontinue the Venu Sports joint venture and not launch the streaming service. In an ever-changing marketplace, we have determined that it is best to meet the evolving demands of sports fans by focusing on existing products and distribution channels. We are proud of the work that has been done on Venu to date and grateful to the Venu staff, whom we will support through this transition period."

The launch of Venu, a platform combining the live sports assets of Fox, WBD, and Disney-owned ESPN, was initially planned for September before being delayed due to a legal challenge from Fubo, which claimed the platform would be anticompetitive.

Earlier this week, the litigation between Disney and Fubo was settled as part of a deal to combine Hulu+ Live TV with Fubo's internet TV bundle.

On Friday, Fubo stock experienced a 5% increase in premarket trading. Following the Disney deal announcement on Monday, shares had surged 250%.

— CNBC's Lillian Rizzo contributed to this report.

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