(CLO) Disney and Fubo will merge to create the Hulu+ live TV service to compete with YouTube TV, the companies announced Monday in a surprise deal.
Under the terms of the deal, Disney will own 70% of Fubo while the TV streaming service's existing management team will run the newly combined entities, led by Fubo co-founder and CEO David Gandler.
The combined streaming cable service will have 6.2 million subscribers, making it the second-largest streaming pay TV provider, behind only YouTube TV.
Disney and Fubo's combined service will have 6.2 million subscribers, making it the second-largest online pay TV provider behind YouTube TV. (Illustration photo)
Under the deal, Disney will also provide an additional $145 million loan to Fubo, which is expected to launch its Venu Sports streaming service soon.
“We are excited to partner with Disney to create a consumer-first streaming company that combines the strengths of the Fubo and Hulu + Live TV brands,” Gandler said. “This combination allows us to deliver on our promise to provide consumers with greater choice and flexibility.”
Shares of Fubo spiked more than 200% when the news broke Monday morning.
Under the new deal, Disney will give Fubo the rights to broadcast its popular sports and television channels, such as ABC, ESPN, and other sports-specific channels. This will help Fubo create an entirely new service focused on sports and live TV shows.
Under the deal, Fubo and Hulu + Live TV will remain available to subscribers through their respective platforms, with Hulu + Live TV available on the Hulu app and remaining part of the Hulu, Disney+, and ESPN+ bundle. Fubo will also retain its app.
Phan Anh (according to Disney, Fubo, CNN)
Source: https://www.congluan.vn/disney-ket-hop-cung-fubo-de-canh-tranh-voi-youtube-tv-post329519.html
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