Disney's Hulu + Live TV is merging with sports streaming service Fubo in a deal that also settles a lawsuit related to the planned Venu Sports platform.
This June 24, 2015, file photo shows the Hulu Apple TV app icon in South Orange, N.J. (AP Photo/Dan Goodman, File)Disney's Hulu + Live TV and sports streaming service Fubo are combining in a deal that will also see the settlement of a lawsuit against the creation of Venu Sports. Fubo and Hulu + Live TV both allow customers to stream live broadcast and cable networks on their connected TVs, mobile phones, tablets, and other internet-connected devices.
The combined company, which Disney will have a 70% stake in, will operate under Fubo's publicly traded company name and be led by Fubo's existing management team. Fubo and Hulu + Live TV have a combined 6.2 million North American subscribers. Fubo and Hulu + Live TV will still be available to consumers as separate offerings once the transaction closes. “This combination enables us to deliver on our promise to provide consumers with greater choice and flexibility,' Fubo CEO David Gandler said in a statement. “Additionally, this agreement allows us to scale effectively, strengthens Fubo’s balance sheet and positions us for positive cash flow.” Disney has committed to a $145 million term loan to Fubo in 2026. There's also a $130 million termination fee payable to Fubo under certain circumstances. Disney said it will also enter into a new deal with Fubo that will allow Fubo to create a new sports and broadcast service that features Disney’s sports and broadcast networks including ABC, ESPN, ESPN2, ESPNU, SECN, ACCN, ESPNEWS and ESPN+. The companies said that Fubo has settled all litigation with Disney and ESPN related to Venu Sports, the sports streaming platform that was planned by ESPN, Fox and Warner Bros. Discovery. Fubo has also settled all litigation with Fox and Warner Bros. Discovery.Disney, Fox and Warner Bros. Discovery will make a $220 million payment to Fubo
STREAMING MERGER DISNEY FUBO SPORTS LAWSUIT
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