Analysts are split on whether Disney should move forward with plans to combine Hulu + Live TV and Fubo, following the cancellation of its sports joint venture with Fox and WBD.

The Dow Jones Industrial Average ( ^DJI) sank about 1.6%, or close to 700 points, while the S&P 500 ( ^GSPC) also fell 1.5%.

The dissolution of Venu is the latest development in the landscape of live sports, which has become fragmented amid the rise of streaming TV.

Streaming TV company Fubo took on Disney, Fox, and Warner Bros. Discovery's sports streamer Venu and emerged as a big winner.