FuboTV Inc. has announced that its shareholders have approved a business combination with The Walt Disney Company's Hulu + Live TV. The transaction, expected to enhance consumer choice, will result in Disney owning approximately 70% of Fubo. Upon closing, all of Fubo's issued and outstanding shares of common stock will be converted into issued and outstanding shares of Class A common stock, which will continue to trade on the New York Stock Exchange under the ticker symbol "FUBO."
Fubo, known for aggregating premium sports, news, and entertainment content through a single app, operates in the U.S., Canada, and Spain, and in France under the name Molotov. In the U.S., Fubo offers a sports-first cable TV replacement product with more than 400 live sports, news, and entertainment networks, making it the only live TV streaming platform with every English-language Nielsen-rated sports channel.
Fubo has continuously innovated in the live TV streaming space, being the first virtual MVPD to launch 4K streaming, multiview, and personalized game alerts.
The transaction is subject to regulatory approvals and other customary closing conditions. Once completed, Fubo and Hulu + Live TV will continue to be available to consumers as separate offerings, providing an enhanced choice of programming packages at attractive price points.
These developments reinforce Fubo's commitment to pushing the boundaries of live TV streaming and providing consumers with greater choice and flexibility in the streaming marketplace. The market has reacted to these announcements by moving the company's shares -5.16% to a price of $3.9358. For more information, read the company's full 8-K submission here.
