Disney has officially closed its deal to merge Hulu Live TV operations with Fubo, creating a joint venture that now ranks as the second-largest virtual pay-TV provider in North America. The combined entity boasts nearly 6 million subscribers, trailing only YouTube TV, which has over 10 million. Disney holds a 70% ownership stake, while existing Fubo shareholders retain 30%. The merger follows regulatory clearance from the Justice Department’s Antitrust Division and ends Fubo’s prior legal challenge against Disney’s Venu Sports JV. The new company will operate both Hulu Live TV and Fubo as distinct services under unified leadership.
Disney and Fubo finalized the Hulu Live TV merger on October 29, 2025, forming a joint venture headquartered in New York. The deal gives Disney a 70% stake, with Fubo shareholders holding 30%. The merger was approved by the Justice Department, and both services will remain separate offerings with flexible plan options. The move aims to streamline operations, expand content reach, and optimize advertising across platforms. The combined company will be led by Fubo CEO David Gandler, with Andy Bird serving as chairman.
Ownership, Structure, and Offerings
- Ownership Breakdown:
- Disney: 70%
- Fubo Shareholders: 30%
- Leadership Team:
- Chairman: Andy Bird (former Disney International chairman)
- CEO: David Gandler (Fubo co-founder)
- Board includes Disney and Fubo executives, plus investor Nacho Figueras
- Consumer Offerings:
- Hulu Live TV remains bundled with Hulu, Disney+, ESPN Unlimited
- Fubo continues as a standalone service
- Combined catalog: 55,000+ live sporting events and entertainment programming
- Financial Terms:
- Disney to provide $145 million term loan in 2026
- Fubo shares converted to Class A common stock (NYSE: FUBO)
Quotes and Reactions
Andy Bird, Chairman of Fubo:
“This merger brings together two industry-leading brands with the scale to meet evolving consumer needs.”
David Gandler, CEO of Fubo:
“Together with Disney, we’re building a flexible streaming ecosystem that drives choice and sustainable growth.”
Industry analysts:
“This deal positions Hulu Live TV and Fubo to challenge YouTube TV’s dominance in the virtual pay-TV space.”
Market Position and Strategic Goals
The merger strengthens Disney’s direct-to-consumer footprint and gives Fubo access to broader content and ad infrastructure. With nearly 6 million subscribers, the joint venture becomes a formidable competitor to YouTube TV. The move also ends Fubo’s legal opposition to Disney’s sports bundling strategy, signaling a shift toward collaboration. Operational synergies are expected through shared content packaging, advertising optimization, and reduced programming costs.
The deal reflects a broader industry trend toward consolidation in the live streaming sector.
What’s Next: Fiscal Changes and Consumer Updates
- Fiscal Year Shift: New fiscal year ends September 30
- First Full Year: Combined company’s first full fiscal year ends September 30, 2026
- Consumer Experience:
- Continued access to Hulu Live TV via Hulu app
- Expanded sports and entertainment bundles
- More pricing tiers from “skinny” to “robust”
- Investor Outlook:
- Class A shares continue trading under “FUBO”
- Retail shareholders rewarded with 1:1 stock conversion
Further integration updates expected in Q1 2026.
