Disney Finalizes Merger Between Hulu + Live TV and Fubo, Creating Sixth-Largest U.S. Pay-TV Operator

The The Walt Disney Company has closed its transaction to combine the live‐TV business of Hulu + Live TV with FuboTV, Inc., resulting in a merged entity trading under NYSE-ticker FUBO.

Under the terms of the deal, Disney assumes approximately 70 percent ownership of the newly combined firm, while Fubo’s current leadership team remains responsible for operations, and existing brands (Hulu + Live TV and Fubo) will continue to operate as distinct services.

At close, the combined subscriber base reaches around 6 million in North America, making the business the sixth-largest pay-TV operator in the U.S. market.

The deal had been cleared by U.S. regulators, including the United States Department of Justice, which had paused the process amid a broader antitrust review of media sector consolidation.

Historically, Hulu’s live-TV unit emerged as a streaming alternative to traditional cable bundles and since 2019 has been fully owned by Disney.

Meanwhile, FuboTV began as a sports-centric streaming service and over recent years expanded into full live-TV offers.

The January 2025 announcement of this merger followed Fubo’s antitrust lawsuit against Disney, Fox Corporation and Warner Bros. Discovery related to their planned sports-streaming joint-venture.

With the combining of Hulu’s live-TV operations and Fubo’s infrastructure, Disney aims to scale its virtual multichannel video programming distributor business to strengthen its position against rivals such as YouTube TV and traditional cable operators.

Note: This merger does not include Hulu’s on-demand streaming service (which remains wholly under Disney’s control).