Last February, Fubo TV, the New York City-based streamer that offers a package of online linear channels similar to a cable TV operator, sued to block the launch of Venu Sports, the joint streaming venture created by Disney, Warner Bros. Discovery and Fox Corp., initially set to debut in August 2024.
Last week, Venu’s three partners agreed to offer an aggregate cash payment of $220 million to acquire Fubo in order to resolve the legal dispute, centered around Fubo’s sports channels impacted by Venu.
For the deal, Disney has committed to provide a $145 million loan so that Hulu + Live TV service and Fubo can merge. Disney will control about 70 percent of Fubo and the new combined Fubo-Hulu+ Live service will continue to be offered as a separate service to 6.2 million subscribers in Canada, the U.S. and Spain. The deal excludes Hulu’s mainstay streaming business.
The new entity will be lead by Fubo CEO and co-founder David Gandler.
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