Fubo has filed a preliminary proxy statement seeking shareholder approval of the “Sports First” vMVPD’s previously announced — and pending — business combination with The Walt Disney Company’s Hulu + Live TV.
Most market observers consider this a mere formality, with Fubo’s sale tied to the death of Venu Sports.
A special shareholder meeting is in the works for those who hold Fubo stock, the company disclosed in a proxy statement distributed Monday.
This puts the sale of Fubo to the owner of Hulu on track for a potential closing during the fourth quarter of 2025 or in the first quarter of 2026 — accelerating the closing from what was initially believed to be anytime between January and June 2026.
As RBR+TVBR first reported on January 6, Fubo acquired Disney after a Federal District Court in New York honored Fubo’s request to effectively block the ESPN parent from teaming up with Warner Bros. Discovery and FOX Corporation to create Venu Sports. The proposed vMVPD was viewed as an existential threat to Fubo by its CEO, David Gandler, and CFO John Janedis. The court agreed.
This put the wheels in motion on the Disney-Fubo deal, with Disney, FOX and Warner Bros. Discovery agreeing to an aggregate cash payment to Fubo of $220 million. In addition, Disney committed to provide a $145 million term loan to Fubo in 2026 as part of the transaction, while a termination fee of $130 million will be payable to Fubo under certain circumstances — including if the transaction fails to close due to the failure to obtain requisite regulatory approvals on the terms and conditions set forth in the definitive agreement.
That latter clause now appears to be irrelevant.
At closing, following all requisite regulatory approvals, Disney will own 70% of Fubo.
On word of the shareholder approval vote plan, Fubo shares immediately dropped by some 4.2% from Friday’s closing price.
That said, FUBO, which trades on the NYSE, is up 179% since the announcement that Disney was buying it.
