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FuboTV Inc. (NYSE:FUBO) shares are trading higher Wednesday after the company completed its business combination with Walt Disney Company’s (NYSE:DIS) Hulu+ Live TV.
What To Know: Fubo and Disney announced the closing of their previously announced transaction to combine Fubo's business with Disney's Hulu + Live TV business, forming the sixth-largest pay TV company in the U.S. with nearly 6 million subscribers in North America.
The newly combined business will continue operating both Fubo and Hulu + Live TV as separate services, each offering sports and entertainment streaming plans at different price points. The company expects to achieve cost, revenue and operational synergies through programming flexibility, advertising optimization and marketing opportunities.
Disney now holds about a 70% stake in the combined company, with existing Fubo shareholders retaining approximately 30%. Fubo co-founder and CEO David Gandler will lead the business, while Andy Bird will serve as chairman of the board.
“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 said. “Together with Disney, we’re creating a more flexible streaming ecosystem that gives consumers greater choice, while driving profitability and sustainable growth.
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FUBO Price Action: At the time of writing, Fubo shares are trading 3.43% higher at $3.77, according to data from Benzinga Pro.
Image via Shutterstock
