Disney and Fubo officially announced the completion of their merger, combining Hulu + Live TV operations with Fubo under a new joint venture. Under the terms of the deal, Disney will hold a 70% stake in the newly combined company, with existing Fubo shareholders retaining the remaining 30%.
The merger creates the second-largest virtual pay-TV provider in the United States, with nearly six million subscribers across North America. The only platform larger is Google’s YouTube TV, which is estimated to have more than 10 million paying subscribers and is currently involved in ongoing carriage negotiations with Disney.
The agreement between Disney and Fubo was initially announced in January. As part of the deal, Fubo dropped its antitrust lawsuit aimed at blocking Venu Sports, a sports-focused streaming initiative backed by Disney, Fox, and Warner Bros. Discovery. Those companies subsequently dissolved the Venu joint venture. Clearance for the transaction was granted by the U.S. Department of Justice’s Antitrust Division, according to sources familiar with the matter.
One significant operational change under the merger involves advertising. Fubo’s advertising sales team will transition to Disney’s advertising sales organization, potentially creating a more streamlined approach to ad operations across the combined platform.
Despite the merger, both Fubo and Hulu + Live TV will remain separate and distinct services. Each will continue to offer multiple subscription options, ranging from “skinny” plans to more comprehensive bundles at competitive price points. Hulu + Live TV will continue to be accessible through the Hulu app and remain part of the existing bundle with Hulu, Disney+, and ESPN+. Collectively, the new company provides consumers access to more than 55,000 live sporting events and a wide range of entertainment programming from both Fubo and Hulu + Live TV.
As part of the financial structure of the deal, Disney has committed to providing a $145 million term loan to Fubo in 2026. The companies expect the merger to generate operational efficiencies and cost savings through flexible programming packages, advertising optimization, and combined sales and marketing initiatives.
Leadership of the combined company reflects both legacy organizations. Andy Bird, former chairman of Walt Disney International, has been named independent chairman of Fubo. “It is a privilege to join Fubo as chairman at such a transformative time for the company,” Bird said in a statement. “This merger brings together two leading brands and a compelling set of resources that position us to meet the evolving needs of today’s consumer.”
Fubo Co-founder and CEO David Gandler will continue to lead the day-to-day operations of the newly combined business. “From Fubo’s inception, our mission has been to create a consumer-first streaming platform defined by innovation and value,” Gandler said. “Together with Disney, we are building a more flexible ecosystem that gives consumers greater choice while driving long-term profitability and sustainable growth.”
The new board of directors is composed of industry leaders and experts from both companies. Alongside Bird and Gandler, members include venture investors, executives with decades of experience at Disney, and notable public figures such as Ignacio “Nacho” Figueras, a renowned polo player and entrepreneur. Disney executives occupying key board positions include senior leaders from Disney Entertainment Networks, ABC News Group, and corporate development.
With the merger finalized, all of Fubo’s previously issued and outstanding shares of common stock have been converted into Class A common stock on a one-to-one basis. The stock continues to trade on the New York Stock Exchange under the ticker symbol FUBO.
Gandler emphasized the benefits for shareholders and consumers alike. “This combination delivers the scale, stability, and strategic clarity to create lasting value,” he said. “It also positions us to shape the future of live streaming while rewarding the retail shareholders who have supported Fubo’s mission from day one.”
In addition to the operational and financial integration, Fubo has changed its fiscal year to end on September 30, aligning with the combined company’s first full fiscal year following the merger, which will end September 30, 2026.
The merger represents a significant shift in the U.S. virtual pay-TV landscape. By combining two established brands, Disney and Fubo are seeking to compete more effectively against larger platforms, offering both sports fans and entertainment viewers more choices, flexible pricing, and an expanded live-event portfolio. Industry analysts view the deal as a bold step in the ongoing evolution of streaming services in the United States.