Disney and Fubo announced the closing of their deal merging Hulu + Live TV operations with Fubo, with Disney owning a 70% stake in the new company.
The newly combined Fubo and Hulu + Live TV business creates the second largest virtual pay-TV provider in the U.S., with nearly 6 million subscribers in North America. That trails only Google’s YouTube TV, estimated to have more than 10 million paying subs, which is currently involved in a carriage-renewal fight with Disney.
Disney announced the deal with Fubo to form the live-TV joint venture in January. Under the deal, Fubo dropped its antitrust lawsuit seeking to block Venu Sports, the sports-focused streaming package from Disney, Fox Corp. and Warner Bros. Discovery. Those companies dissolved the Venu JV shortly thereafter.
Disney and Fubo received clearance from the Justice Department’s Antitrust Division to complete the transaction, according to two sources familiar with the matter.
As part of the deal, the Fubo advertising sales group will move over to Disney’s advertising sales organization.
The companies emphasized that Fubo and Hulu + Live TV will continue to be available to consumers as “separate and distinct services,” each offering consumers multiple plan options “from skinny to robust at compelling price points.” In addition, Hulu + Live TV will continue to be streamed in the Hulu app and offered as part of a bundle with Hulu, Disney+ and ESPN Unlimited. The new company offers consumers more than 55,000 live sporting events, and entertainment-focused programming offerings from Fubo and Hulu + Live TV.
As of the deal closing, Disney holds an approximately 70% interest in the newly combined company with existing Fubo shareholders holding an approximately 30% interest.
The combined company will have access to a $145 million term loan that Disney has committed to provide Fubo in 2026 as part of the transaction. According to the companies, the merged Hulu + Live TV and Fubo business expects to realize cost, revenue and operational synergies through content cost savings achieved by “more flexible programming packaging, advertising optimization and sales and marketing opportunities.”
The independent chairman of the new Fubo is Andy Bird, a British media exec who was formerly chairman of Walt Disney International and CEO of publisher Pearson.
“It is a privilege 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 uniquely position us to meet the evolving needs of today’s consumer.”
Fubo’s existing management team, led by Fubo Co-founder and CEO David Gandler, will operate the newly combined Fubo and Hulu + Live TV businesses.
“Since Fubo’s founding a decade 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’re creating a more flexible streaming ecosystem that gives consumers greater choice, while driving profitability and sustainable growth.”
The new board of Fubo, led by chairman Andy Bird, includes Gandler; Daniel Leff, co-founder and managing partner of Waverley 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 Black Watch polo team and owner of Cría Yatay, a polo horse breeding operation based in Argentina.
Members of the Fubo board of directors also include: Jonathan S. Headley, who spent nearly 30 years at Disney including serving as SVP and treasurer; Jim Lygopoulos, Disney’s EVP of people and culture for corporate, direct-to-consumer and international; Debra OConnell, president, ABC News Group & Disney Entertainment Networks; Cathleen Taff, Disney’s president of production services, franchise management & theatrical distribution; and Justin Warbrooke, EVP and head of corporate development at Disney.
With the closing of the Hulu + Live TV deal, all of Fubo’s issued and outstanding shares of common stock were automatically converted into issued and outstanding shares of Class A common stock on a 1:1 basis. The outstanding shares of Class A common stock continue to trade on the New York Stock Exchange under the ticker symbol “FUBO.”
Gandler said, “We’re also proud to reward our retail shareholders who have supported Fubo’s mission from the very beginning. We believe this combination delivers the scale, stability and strategic clarity to create lasting value for consumers and shareholders, and indelibly impact the future of live streaming.”
In connection with closing, Fubo changed its fiscal year to end on Sept. 30, with the combined company’s first full year following closing to end on Sept. 30, 2026.