Disney and FuboTV are to combine their online live TV businesses.
Disney will fold its Hulu+ Live TV business into competitor Fubo, creating a new venture that will be 70% owned by Disney and the rest by Fubo.
Fubo and Hulu + Live TV each allow viewers to stream an array of live broadcast and cable networks on their connected TVs, mobile phones, tablets, and other internet-connected devices. Fubo streams more than 55,000 live sporting events annually.
Fubo and Hulu + Live TV currently have a combined 6.2 million North American subscribers, making the new business a significant virtual MVPD (multichannel video programming distributor).
The combined business will operate under the Fubo name and be led by the existing Fubo management team, headed by co-founder and CEO David Gandler.
As part of the deal, Disney will allow Fubo to create a new Sports & Broadcast service, featuring Disney’s sports and broadcast networks including ABC, ESPN, ESPN2, ESPNU, SECN, ACCN, ESPNEWS, as well as ESPN+.
The deal doesn’t include Hulu’s subscription video (SVOD) business.
As part of the deal, Fubo has settled all litigation with Disney and ESPN related to Venu Sports, the previously announced sports streaming platform planned by ESPN, Fox and Warner Bros. Discovery. Fubo has also settled all litigation with Fox and Warner Bros. Discovery.
Disney, Fox and Warner Bros. Discovery will make a cash payment to Fubo of $220 million. Disney will also provide a $145 million term loan to Fubo in 2026 as part of the deal.
“We are thrilled to collaborate with Disney to create a consumer-first streaming company that combines the strengths of the Fubo and Hulu + Live TV brands,” said Gandler. “This combination enables us to deliver on our promise to provide consumers with greater choice and flexibility. Additionally, this agreement allows us to scale effectively, strengthens Fubo’s balance sheet and positions us for positive cash flow. It’s a win for consumers, our shareholders, and the entire streaming industry.”
Fubo and Hulu + Live TV will continue to be available to consumers as separate offerings. Hulu + Live TV will continue to be streamed in the Hulu app and be offered as part of the Hulu, Disney+ and ESPN+ bundle. Fubo will continue to serve its subscribers in the Fubo app.
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