|The Walt Disney Co. logo appears on a screen above the floor of the New York Stock Exchange, Aug. 8, 2017. CLEVELAND, Ohio -- Disney has agreed to acquire a majority stake in Fubo, merging the live TV streaming service with its Hulu + Live TV platform. As part of the deal, Fubo has agreed to settle its antitrust lawsuit, which had been blocking the launch of Venu Sports— a sDisney will own 70 percent of the combined company, to be led by Fubo’s existing management team.
“We are thrilled to collaborate with Disney to create a consumer-first streaming company that combines the strengths of the Fubo and Hulu + Live TV brands,” said Fubo CEO David Gandler in a“This combination enables us to deliver on our promise to provide consumers with greater choice and flexibility. Additionally, this agreement allows us to scale effectively, strengthens Fubo’s balance sheet and positions us for positive cash flow.
As part of the agreement, Disney, FOX, and Warner Bros. Discovery will make a $220 million cash payment to Fubo, clearing the way for Venu Sports to proceed. Disney has also committed to providing a $145 million term loan to Fubo in 2026. If the deal fails to secure regulatory approval, Fubo will receive a $130 million termination fee.If you purchase a product or register for an account through a link on our site, we may receive compensation.
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