Streaming television service FuboTV will merge with Walt Disney’s Hulu + Live TV, creating one of the biggest digital pay-TV platforms in the United States. The deal sent Fubo TV stock soaring 240% on Monday.
According to the agreement between the two companies, Disney will own 70% of the new entity, while the existing shareholders will own 30%. Fubo TV co-founder and CEO, David Gandler, will serve as the top executive in the new company.
“We are delighted by today’s outcomes,” Gandler said in a statement. “Increased scale means we have the flexibility to pursue diverse growth strategies, opening up a range of opportunities, both domestically and internationally.”
Fubo TV offers its users streaming access to more than 100 channels, most of which are focused on sports programming. The company had 1.6 million paying subscribers in North America alone and close to 2 million subscribers globally.
Hulu+ Live, on the other hand, has 90+ channels focusing on sports, entertainment, news, and more. It reached 4.6 million subscribers in 2024.
The combined company, which will keep the ticker Fubo, will have 6.2 million subscribers and an estimated revenue of $6 billion.
Fubo TV stock jumped by 240.28% at one point on Monday, trading at $4.90 per share.