NEW YORK — As 2025 began, a battle between a “sports-first” virtual MVPD and FOX Corporation, Warner Bros. Discovery and ESPN parent The Walt Disney Company ended. The three companies’ intended Venu Sports platform was scuttled, giving a victory of sorts to FuboTV Inc. That’s because the conclusion of litigation saw FuboTV CEO David Gandler agree to the company’s acquisition by Disney.
Now, nearly 11 months later, the transaction is complete, with Disney and FuboTV issuing a joint announcement prior to Wednesday’s Opening Bell for U.S. financial markets.
Fubo’s business is now combined with Disney’s Hulu + Live TV business, as Disney, FOX and Warner Bros. Discovery made an aggregate cash payment to Fubo of $220 million. Disney committed to provide a $145 million term loan to Fubo in 2026 as part of the transaction. “The transaction will enhance consumer choice by making available a broad set of programming offerings,” the companies said in a press release distributed in early January, when the deal was first announced.
Disney now owns 70% of Fubo; Gandler and investment analyst-turned-CFO John Janedis, will operate the newly combined Fubo and Hulu + Live TV businesses.
As Wednesday began, Disney and FuboTV said 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 some 6 million subscribers across North America.
Fubo and Hulu + Live TV will continue to be available to consumers as separate and distinct services, as previously announced.
“Since Fubo’s founding a decade ago, our vision has always been to build a consumer-first streaming platform defined by innovation and value,” Gandler, co-founder of Fubo, said. “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.”
Wells Fargo served as the lead financial advisor to Fubo and Evercore also served as financial advisor to Fubo. Latham & Watkins LLP served as legal advisor to Fubo and Sterlington PLLC served as legal counsel to Fubo management in connection with the Transaction. Centerview Partners LLC served as financial advisor to The Walt Disney Company and Cravath, Swaine & Moore LLP served as primary legal counsel, with Kirkland & Ellis LLP providing antitrust advice, to The Walt Disney Company.
