Disney Acquires 70% Stake in Fubo, Expanding Live TV Streaming
Disney is set to acquire a 70% stake in Fubo, a leading live TV streaming service. Shareholders have approved the deal, which will see Fubo's common stock convert into Class A Common Stock, trading under the ticker FUBO upon completion.
The acquisition, valued at $3.75 billion, will not result in any immediate changes for subscribers. Both Fubo and Hulu + Live TV will continue to operate separately, with expanded programming packages for viewers.
David Gandler, co-founder and CEO of Fubo, will lead the combined entity's management team. This marks a significant step in Disney's expansion into the live TV streaming market, following the success of its Hulu + Live TV service.
Upon completion of the transaction, all outstanding Fubo common stock will convert into Class A Common Stock, trading under the ticker FUBO. This deal signals Disney's commitment to growing its presence in the live TV streaming sector, with Fubo and Hulu + Live TV set to continue operating independently.
