Venu Sports, the streaming service backed by Disney, Fox and Warner Bros. Discovery, will not launch, the companies announced in a joint statement Friday.

“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 statement read.

Potential future legal challenges reportedly played a role in the companies pulling out of the planned launch.

The decision comes after Fubo, which settled litigation regarding an antitrust lawsuit filed last year to block Venu's launch, announced it will team up with Disney's Hulu + Live TV service with Disney owning nearly 70% of the company.

Disney will now have its own over-the-top streaming service that will launch in the fall.

Venu Sports was to feature channels from all three media giants, including ESPN, ESPN2, ABC, Fox, Fox Sports 1, TNT, TBS and many more for $42.99 per month.