Disney, Fox and Warner Bros. Discovery have called off plans to launch their sports streaming service, Venu, the companies said in a joint statement Friday.

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,

Venu Sports, the planned sports-centric streaming service from ESPN (Disney), Fox, and Warner Bros. Discovery will be “discontinued,” the companies said in a joint statement on Friday morning. It was a “collective decision,” media members were informed, and is “effective immediately.”