The Walt Disney Co. said on Jan. 6 that it is merging Hulu + Live TV with rival streaming service Fubo and will become the majority owner of the resulting company.
The deal, subject to regulatory conditions, shareholder approval, and customary closing conditions, creates the second-biggest internet pay-TV company in North America, behind YouTube TV, with about $6 billion in revenue and 6.2 million subscribers.
Disney will hold a 70 percent majority stake in the combined Fubo and Hulu + Live venture, which will be led by Fubo CEO and co-founder David Gandler. The deal excludes Hulu’s mainstay video-streaming business.
“Combining the businesses of Fubo and Hulu + Live TV—which together have over 6.2 million subscribers in North America—will facilitate an enhanced choice of programming packages and address a variety of consumer preferences at attractive price points,” Disney said in a statement….