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Disney’s Hulu + Live TV and sports streaming platform Fubo on Monday announced a partnership as part of a broader agreement that includes settling a legal dispute over the launch of Venu Sports.
Why It Matters
Fubo announced it has resolved all legal disputes with Disney and ESPN concerning Venu Sports, the sports streaming platform initially planned by ESPN, Fox, and Warner Bros. Discovery.
Fubo also said that the settlement was also reached between the company and Fox and Warner Bros. Discovery in related litigation.
What To Know
Both Fubo and Hulu + Live TV offer customers the ability to stream live broadcast and cable networks across a range of devices, including connected TVs, smartphones, tablets and other internet-enabled platforms.
The merged entity, with Disney holding a 70 percent stake, will operate under Fubo’s publicly traded name and be managed by Fubo’s current leadership team. Together, Fubo and Hulu + Live TV serve a combined 6.2 million subscribers across North America.
A Disney+ logo is seen during the Walt Disney D23 Expo in Anaheim, California on September 9, 2022. On Monday, Disney+ announced it would be merging Hulu + Live TV with Fubo.
A Disney+ logo is seen during the Walt Disney D23 Expo in Anaheim, California on September 9, 2022. On Monday, Disney+ announced it would be merging Hulu + Live TV with Fubo.
PATRICK T. FALLON/AFP via Getty Images/Getty Images
Following the completion of the deal, Fubo and Hulu + Live TV will continue to operate as separate streaming options for consumers. Disney has agreed to provide Fubo with a $145 million term loan set for 2026. The agreement also includes a $130 million termination fee payable to Fubo under specific conditions.
Disney announced plans to partner with Fubo on a new sports and broadcast service, which will feature Disney-owned networks such as ABC, ESPN, ESPN2, ESPNU, SECN, ACCN, ESPNEWS and ESPN+.
In August, a federal judge approved Fubo’s request for a preliminary injunction against Venu Sports. Disney, Fox and Warner Bros. Discovery have agreed to pay $220 million to Fubo as part of the settlement.
What People Are Saying
Fubo CEO David Gandler said in a statement: “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.”
Executive Vice President and Head of Corporate Development at The Walt Disney Company, Justin Warbrooke said in a statement: “This combination will allow both Hulu + Live TV and Fubo to enhance and expand their virtual MVPD offerings and provide consumers with even more choice and flexibility.”
“We have confidence in the Fubo management team and their ability to grow the business, delivering high-quality offerings that serve subscribers with the content they want and offering great value,” Warbrooke said.
What’s Next
Shares of FuboTV Inc. surged over 100 percent in early trading Monday, while Disney’s stock saw a modest uptick.
This article include reporting from The Associated Press.
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