Venu Sports, the planned streaming service from ESPN, FOX and Warner Bros. Discovery, will be discontinued effective immediately, the three companies announced in a joint statement.

“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 determined that it was 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 decision comes in the wake of ESPN parent Disney’s legal settlement with Fubo, which had sued the networks over the Venu proposal.

This story will be updated.