fuboTV Inc. (FUBO) saw its shares soar 9.91% in the pre-market trading session on Friday, following a significant development in the highly competitive sports streaming market.

Major media giants Walt Disney, Fox, and Warner Bros. Discovery announced that they have jointly decided to discontinue their plans to launch the sports streaming platform Venu Sports. The companies stated, "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."

The scrapping of Venu Sports, which was expected to be a formidable competitor in the sports streaming arena, has removed a significant competitive threat for fuboTV. As a sports-focused streaming service, fuboTV's path to growth in this market has become clearer, driving investor optimism and pushing its stock higher in the pre-market session.