Fubo and Disney's Hulu + Live TV Combine to Bring New and Unique Distribution Platform

As expected since talks began earlier this year, FuboTV Inc. and The Walt Disney Company have completed their business combination, combining Fubo’s business and Hulu + Live TV’s business. 

What’s Happening: 

• FuboTV Inc. and The Walt Disney Company have closed the previously announced deal that would combine Fubo’s business with Disney’s Hulu + Live TV business.
• The newly combined Fubo and Hulu + Live TV business creates a truly unique virtual MVPD (vMVPD) and the sixth largest Pay TV company in the U.S with nearly 6 million subscribers in North America. 
• The combined company offers consumers a broad set of sports, including more than 55,000 live sporting events, and entertainment-focused programming offerings from Fubo and Hulu + Live TV.
• Fubo and Hulu + Live TV will continue to be available to consumers as separate and distinct services, each offering consumers multiple plan options from skinny to robust at compelling price points. 
• Hulu + Live TV will continue to be streamed in the Hulu app and offered as part of an entertainment-focused bundle with Hulu, Disney+ and ESPN Unlimited. 
• Fubo will continue to serve viewers in the Fubo app.
• The combined business expects to realize cost, revenue and operational synergies through content cost savings achieved by more flexible programming packaging, advertising optimization and sales and marketing opportunities. The combined company will have access to a $145 million term loan that Disney has committed to provide Fubo in 2026 as part of the Transaction.
• As of the Transaction closing, Disney holds an approximately 70% interest in the newly combined company with existing Fubo shareholders holding an approximately 30% interest.
• Fubo’s existing management team, led by Fubo Co-founder and CEO David Gandler, will operate the newly combined Fubo and Hulu + Live TV businesses. The combined company will leverage the resources and support of Disney, and the existing Fubo management team will continue to focus on driving growth and profitability.
• As part of the Transaction, the Fubo advertising sales group will transition to Disney’s advertising sales organization to deliver a premium, data-powered experience for fans and the brands that reach them.
• A board of directors has been seated to guide the strategic vision of the combined company. Newly appointed and continuing directors include:

• Andy Bird, CBE – Independent Chairman

Bird is a British media executive with more than three decades of leadership across global broadcasting, entertainment and education. He was formerly Chairman of Walt Disney International and CEO of Pearson plc, where he transformed the 180-year-old publisher into a digital-first education company.

• David Gandler – Co-founder and CEO, Fubo

Gandler, a prominent figure in global sports and media, has been Co-founder and CEO of Fubo since 2015. Through Gandler Sports Group (GSG), he is the majority owner and board member of soccer team Leyton Orient F.C., and a former co-owner of Paris FC.

• Daniel Leff – Lead Independent Director

Leff is Co-founder and Managing Partner of Waverley Capital, a media-focused venture capital fund. He is also founder and managing partner of Luminari Capital, a media-focused venture capital fund. Leff has been an investor in and/or member of the board of directors of a multitude of media companies including Endel, Fubo, Matterport, Professional Fighters League, PlutoTV (sold to Paramount), Roku, The Athletic (sold to The New York Times), Volley, Wondery (sold to Amazon) and several other companies. Daniel was also the Co-Founder and CEO of Waverley Capital Acquisition Corporation.

• Ignacio “Nacho” Figueras – Independent Director

Figueras is a renowned polo player, entrepreneur, investor and philanthropist. He is currently the captain and co-owner of the Black Watch polo team and owner of Cría Yatay, a globally successful polo horse breeding operation based in Argentina. Figueras is also co-founder of the Figueras Design Group (FDG).

• Jonathan S. Headley – Independent Director

Headley is a seasoned financial executive who spent nearly 30 years at The Walt Disney Company. As Senior Vice President & Treasurer, he directed global treasury operations, bringing deep expertise in capital markets, corporate finance and risk management. Prior to joining Disney, Headley was an analyst at Goldman Sachs & Co. and a research associate at Harvard University.

• Jim Lygopoulos – Executive Vice President, People & Culture, Corporate, Direct-To-Consumer and International, Disney

Lygopoulos is an experienced HR executive with over 20 years at Disney, specializing in people and culture strategy, talent acquisition, employee relations, rewards, leadership development and organizational transformation. He has worked across Asia Pacific and the U.S., bringing international depth to the Board.

• Debra OConnell – President, ABC News Group & Disney Entertainment Networks, Disney

OConnell is a veteran Disney executive with over 25 years of leadership in broadcasting, network strategy and news. She currently oversees ABC News, ABC Owned Stations and Disney’s U.S. television networks portfolio.

• Cathleen Taff – President, Production Services, Franchise Management & Theatrical Distribution, Disney

Taff is an accomplished entertainment executive with decades of leadership in film distribution, international operations and business strategy. As President of Distribution, Franchise Management and Business & Audience Insights at The Walt Disney Studios, she oversaw worldwide theatrical distribution and guided franchise strategy for some of the industry’s most successful brands.

• Justin Warbrooke – Executive Vice President and Head of Corporate Development, Disney

Warbrooke is a veteran Disney executive with over 19 years at Disney.  He is responsible for leading M&A strategy and execution including acquisitions, divestitures and joint ventures while also monitoring and optimizing Disney’s portfolio of equity interests and planning and executing new business ventures.

What They’re Saying: 

• Andy Bird, Chairman of the Board of Directors: “It is a privilege to join Fubo as Chairman at such a transformative time for the company. Today’s announcement brings together two industry leading brands and a compelling set of resources that uniquely position us to meet the evolving needs of today’s consumer.”
• David Gandler, Co-founder and CEO of Fubo: “Since Fubo’s founding a decade ago, our vision has always been to build a consumer-first streaming platform defined by innovation and value. Together with Disney, we’re creating a more flexible streaming ecosystem that gives consumers greater choice, while driving profitability and sustainable growth. We’re also proud to reward our retail shareholders who have supported Fubo’s mission from the very beginning. We believe this combination delivers the scale, stability and strategic clarity to create lasting value for consumers and shareholders, and indelibly impact the future of live streaming.”

Merging in the Stream

• It was back in January of this year that The Walt Disney Company entered into talks with FuboTV Inc to combine the businesses, with Disney becoming the majority owner. 
• While it took most of the year, the transaction seemingly went as expected from back when the talks began, complete with the newly appointed board of directors. 
• Back when it was first discussed, Disney, FOX, and Warner Bros. Discovery had recently settled all litigation that had stemmed from their VENU Sports Venture, which inevitably never saw the light of day.