Disney and Fubo announced the completion of an agreement to combine the Hulu + Live TV business with Fubo, with Disney owning 70% of the new company.
The new combination of Fubo and Hulu + Live TV businesses creates the second largest virtual pay TV provider in the United States, with approximately 6 million subscribers in North America. This number is followed only by Google’s YouTube TV, which is currently in a vehicle renewal battle with Disney and is estimated to have more than 10 million paid subscribers.
Disney announced a deal with Fubo to form a live TV joint venture in January. Under the deal, Fubo dropped an antitrust lawsuit seeking to block Disney, Fox Inc. and Warner Bros. Discovery’s sports-focused streaming package Veenu Sports. These companies dissolved the Venu joint venture shortly thereafter.
Disney and Fubo have received approval from the Justice Department’s Antitrust Division to complete the deal, two people familiar with the matter said.
As part of the partnership, Fubo’s advertising sales group will transition to Disney’s advertising sales organization.
The companies emphasized that Fubo and Hulu + Live TV will continue to be offered to consumers as “separate and distinct services,” and each will offer consumers multiple plan options “from skinny to robust, at attractive price points.” Additionally, Hulu + Live TV will continue to stream on the Hulu app and will be available as part of the Hulu, Disney+, and ESPN Unlimited bundle. The new company will offer consumers more than 55,000 live sporting events and entertainment-focused programming from Fubo and Hulu + Live TV.
Upon completion of the transaction, Disney will hold an approximately 70% interest in the newly combined company and existing Fubo shareholders will hold an approximately 30% interest.
The combined company will have access to a $145 million term loan that Disney has committed to provide to Fubo in 2026 as part of the deal. According to the companies, the combined Hulu + Live TV and Fubo businesses are expected to realize cost, revenue and operational synergies through lower content costs achieved through “more flexible programming packaging, advertising optimization, and sales and marketing opportunities.”
Fubo’s new independent chairman is Andy Bird, a British media executive and former chairman of Walt Disney International and CEO of publisher Pearson.
“I am honored to join Fubo as chairman at such a transformative time for the company,” Bird said in a statement. “Today’s announcement brings together two industry-leading brands and a compelling set of resources that are uniquely positioned to meet the evolving needs of today’s consumers.”
Fubo’s existing management team, led by Fubo co-founder and CEO David Gandler, will run the newly combined Fubo and Hulu + Live TV businesses.
“Since the founding of Fubo 10 years ago, our vision has always been to build a consumer-first streaming platform defined by innovation and value,” Gandler said in a statement. “Together with Disney, we are building a more flexible streaming ecosystem that provides consumers with broader choice while driving profitability and sustainable growth.”
Fubo’s new board of directors, led by Chairman Andy Bird, also includes Gandler. Daniel Lev, co-founder and managing partner of Waverly Capital and founder and managing partner of Luminari Capital. and Ignacio “Nacho” Figueras, a “renowned polo player, entrepreneur, investor, and philanthropist” who is currently captain and co-owner of the Blackwatch polo team and owner of Argentina-based polo horse production company Curia Yatay.
Fubo Board of Directors members also include: Jim Lygopoulos, vice president of talent and culture for Disney’s corporate, direct-to-consumer and international divisions. Debra O’Connell, President, ABC News Group and Disney Entertainment Networks; Kathleen Tough, Disney’s president of production services, franchise management and theatrical distribution. Justin Warbrook, Disney’s vice president and head of corporate development.
Upon execution of the Hulu + Live TV Agreement, all of Fubo’s outstanding common stock was automatically converted into outstanding shares of Class A common stock on a one-for-one basis. The outstanding shares of our Class A common stock continue to trade on the New York Stock Exchange under the ticker symbol “FUBO.”
“We’re also proud to reward our individual shareholders who have supported Fubo’s mission from the beginning,” said Gandler. “We believe this combination will deliver scale, stability, and strategic clarity to create lasting value for consumers and shareholders and have an indelible impact on the future of live streaming.”
In connection with the Closing, Fubo will change its fiscal year to end on September 30, with the combined company’s first full year ending on September 30, 2026 following the Closing.
