Disney and Fubo announced Wednesday the closing of their deal, which will merge Hulu + Live TV operations with Fubo. According to Variety, Disney will own 70% stake in the new company.
With nearly six million North American subscribers, the newly combined Fubo and Hulu + Live TV venture is now the second largest virtual pay-TV provider in the U.S. It only trails Google’s YouTube TV, which reportedly has more than 10 million paying subscribers.
Disney first announced the merger back in January. The new joint operation will be led by the existing Fubo management team, and will be governed by a board of directors with the majority appointed by Disney. Fubo co-founder and CEO David Gandler will also serve on the board. The deal also settles all litigation between the companies, with Fubo dropping its antitrust lawsuit against Venu, the sports-focused streaming package from Disney, Fox Corp. and Warner Bros. Discovery.
“This combination will allow both Hulu + Live TV and Fubo to enhance and expand their virtual MVPD [multichannel video programming distributor] offerings and provide consumers with even more choice and flexibility,” executive vice president and head of corporate development for Disney Justin Warbrooke said in a January statement. “We have confidence in the Fubo management team and their ability to grow the business, delivering high-quality offerings that serve subscribers with the content they want and offering great value.”
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.
Thoughts on this now-completed merger? Do you subscribe to either Hulu + Live TV or Fubo? Let us know in the comments.
This story originally appeared on TVLine
