Fubo and Hulu + Live TV complete merger, creating sixth-largest pay TV provider

FuboTV Inc. and The Walt Disney Company closed their previously announced business combination on October 29, 2025. The transaction combines Fubo's streaming operations with Disney's Hulu + Live TV business, creating what the companies describe as the sixth-largest pay TV company in the United States with nearly 6 million subscribers in North America.

According to the announcement, Disney holds approximately 70% interest in the newly combined company. Existing Fubo shareholders retain approximately 30% interest. The companies expect to realize synergies through content cost savings achieved by more flexible programming packaging, advertising optimization, and sales and marketing opportunities.

Fubo Co-founder and CEO David Gandler will continue leading the combined entity alongside Fubo's existing management team. "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 stated in the announcement. "Together with Disney, we're creating a more flexible streaming ecosystem that gives consumers greater choice, while driving profitability and sustainable growth."

From antitrust lawsuit to acquisition

The merger represents a dramatic transformation for Fubo, which filed a federal antitrust lawsuit on February 20, 2024, against Disney, Fox Corporation, and Warner Bros. Discovery. The lawsuit alleged that the three media companies "engaged in a years-long campaign to block Fubo's innovative sports-first streaming business resulting in significant harm to both Fubo and consumers."

According to court documents, Fubo argued that the defendants used anticompetitive tactics including forcing the platform to carry expensive non-sports channels to license sports content, charging higher content licensing rates than other distributors, and imposing non-market penetration requirements. The lawsuit specifically alleged bundling practices that forced Fubo to carry dozens of unwanted non-sports channels in order to license defendants' sports channels, artificially inflating prices while the media giants planned to offer their own sports service at lower rates.

The lawsuit centered on the companies' proposed Venu Sports joint venture, which Fubo claimed would control approximately 60% to 80% of live broadcast sports content. Fubo launched the "Save My Sports" website to garner public support for its legal action. The case drew attention from lawmakers concerned about media consolidation, with the Department of Justice investigating the joint venture.

On May 19, 2024, Pete Distad, CEO of the forthcoming joint venture, unveiled the official brand name and logo: Venu Sports. The traditional way of watching live sports through cable or satellite television subscriptions had faced disruption from cord-cutting, creating a growing market for sports streaming services. However, Fubo's lawsuit highlighted potential antitrust concerns arising when major content producers join forces in the streaming space.

The federal court granted Fubo's preliminary injunction in August 2024, halting the launch of Venu Sports. "This is a victory not only for Fubo but also for consumers," Gandler stated at the time. The legal victory for Fubo had broader implications for the sports streaming market and raised questions about media consolidation in the digital age. Gandler emphasized, "Our fight continues. Fubo has said all along that we seek equal treatment from these media giants, and a level playing field in our industry."

Pete Distad had previously stated that the service was being built "from the ground up for fans who want seamless access to watch the sports they love." The preliminary injunction represented a significant setback for Venu Sports, which had ambitious plans to revolutionize the sports streaming landscape. For sports fans, critics argued that while Venu Sports promised unprecedented convenience as a one-stop shop for sports content, this could come at the cost of reduced competition and potentially higher prices in the long run.

The January 6, 2025 settlement agreement resolved the lawsuit. According to the terms, Fubo received a $220 million one-time payment from the Venu Sports joint venture partners. The settlement also secured a carriage agreement for Disney's suite of channels and the ability to create a new Sports & Broadcasting service featuring Disney's networks. The Venu Sports joint venture was officially terminated one week after the Disney-Fubo settlement was announced.

The transformation from antitrust challenger to Disney subsidiary occurred rapidly. What began as Fubo defending its market position ended with Disney acquiring 70% control of the company. According to industry analysis, Disney no longer needed Venu Sports because it gained direct control over the sports streaming market through Fubo ownership.

Fubo's evolution as sports-first platform

Founded in 2015 as a soccer-centric streaming platform, Fubo expanded its offerings to become what the company describes as a "sports-first cable TV replacement product." The platform now aggregates more than 400 live sports, news, and entertainment networks. According to the company, Fubo operates as the only live TV streaming platform in the United States offering every English-language Nielsen-rated sports channel.

Technology innovations and industry firsts

Fubo established itself as a pioneer in virtual MVPD technology through multiple industry-first innovations. The company was the first vMVPD to launch 4K streaming, implementing high-definition capabilities years ahead of competitors. The 4K streaming technology requires significant bandwidth and processing capabilities for content delivery.

MultiView functionality represents another technological advancement. The feature allows users to watch multiple streams concurrently, particularly relevant for sports fans following multiple games simultaneously. Fubo first introduced MultiView on Apple TV in 2020, years ahead of competitors. On September 26, 2024, Fubo launched MultiView Beta on Roku, becoming the first virtual MVPD to offer user-configurable multiviewing on America's most popular streaming platform. The feature allows customers to select and stream up to four live channels simultaneously, with full customization available for all channels in the lineup.

The company developed AI-powered features including Instant Headlines, which generates contextual news topics in real-time during live broadcasts. According to Isaac Josephson, senior vice president of product management at Fubo, "MultiView has been one of our most loved features." The platform delivers approximately 150,000 new content assets to consumers daily, including both live and video-on-demand content across sports, news, and entertainment.

Fubo's proprietary technology platform enables personalized streaming experiences optimized for live TV and sports viewership. Subscribers can engage with content through features including customizable alerts, statistics overlays, on-demand replay capabilities, and 72-hour lookback functionality. The platform serves customers through various device platforms including Apple TV, Roku, Amazon Fire TV, Android TV, Samsung Smart TV, Xbox consoles, and mobile devices. Browser support includes Windows, Mac, and Linux compatibility.

Advertising technology leadership

Fubo demonstrated consistent innovation in connected television advertising throughout its independent operations. On May 1, 2024, Fubo introduced innovative CTV ad units including The Marquee, which allows brands to create highly visible content sponsorships on Fubo's home screen with branded carousels, custom titles, logos, and themed backgrounds. The company also launched interactive ads designed to drive brand awareness and conversions, enabling viewers to directly interact with calls to action using remote controls.

On September 6, 2024, Fubo unveiled The Triple Play, a proprietary ad format showcasing advertiser-branded video content prominently on Fubo's home screen. According to Dina Roman, Senior Vice President of Global Ad Sales and Operations at Fubo, "CTV has made it possible to expand standard TV ad formats to command more attention and engagement." The Triple Play incorporates branded video with optional QR codes and rotational mid-roll spots within on-demand content.

On November 18, 2024, Fubo launched four interactive CTV ad formats including transactional ads with custom QR code overlays and gamified advertisements. According to research from Lucid, interactive ads across streaming platforms increased brand awareness by 33% and purchase intent by 47% compared to standard video ads. The new formats operate on a 100% addressable and measurable basis, with advertisers receiving detailed engagement metrics including interaction levels and click-through rates.

Roman emphasized the evolution of CTV advertising: "As CTV matures, brands are leveling up their strategies to connect with audiences in deeper and more meaningful ways than are possible on linear TV." These innovations built upon Fubo's history of introducing first-to-market solutions including dynamic ad insertion and AI-powered features.

On August 26, 2025, Magnite announced expansion of pause advertising capabilities across DIRECTV, DISH Media, and Fubo. Pause advertisements create engagement during natural viewing breaks without disrupting content experiences. According to Mike Laband, Group SVP of US Revenue at Magnite, "Pause Ads create a new class of high-value ad inventory without disrupting the viewer experience."

Viewer attention and engagement metrics

Research from TVision announced by Fubo revealed that viewers aged 25-54 are at least 23% more likely to be present while watching content on Fubo compared to other benchmark categories, including cable and all categories of Connected TV. The study suggested that content on Fubo captures 33% more attention than cable and 70% more attention than typical vMVPDs among the same demographic.

Viewer attention represents a crucial metric for advertisers, directly impacting messaging effectiveness. Fubo's core audience skews toward sports fans, a demographic known for high engagement with consumed content. The findings support the notion that Fubo offers a unique viewing experience with a highly engaged audience, potentially allowing the platform to command premium pricing for ad inventory.

On June 11, 2025, FreeWheel announced expanded CTV partnerships including Fubo. According to Jennifer Hess, Vice President of Global Ad Operations at Fubo, "FreeWheel is opening the door for even more brands to activate against Fubo's live CTV sports, news and entertainment content." The partnership provides advertisers with streamlined access to Fubo's premium inventory through FreeWheel's unified marketplace architecture.

Content partnerships and expansion

The company reported 1.908 million global paying subscribers as of March 31, 2024, representing 18% year-over-year growth. Average Revenue Per User grew 10% year-over-year to $84.54 during the same period. In June 2025, Fubo announced a multi-year agreement with sports streaming provider DAZN, adding a DAZN1 channel featuring boxing and mixed martial arts content. The company reached a distribution agreement with Weigel Broadcasting for seven networks including MeTV and Chicago's WCIU.

On November 25, 2024, Fubo partnered with NBCUniversal to launch 18 new FAST channels across sports, entertainment, news, and Spanish-language programming. According to Todd Mathers, senior vice president of content strategy and acquisition at Fubo, the partnership delivers NBCUniversal's extensive content catalog to both English and Spanish-speaking audiences. The initial rollout included four Telemundo channels in Fubo's Spanish-language Latino plan and all English-language channel plans.

On October 22, 2024, Fubo launched standalone premium subscription services for select live and on-demand content, allowing consumers to access specific channels without purchasing a base plan. The initial rollout included FanDuel Sports Network, NBA League Pass, and Paramount+ With Showtime. Subscribers to standalone packages automatically receive access to Fubo Free, which includes approximately 200 free ad-supported streaming television channels.

According to David Gandler, Fubo aims to position itself as a "Super Aggregator" in the streaming market. On February 10, 2025, Fubo announced distribution of its Fubo Sports linear network to over-the-air stations across more than 100 U.S. markets, including major metropolitan areas such as New York, Los Angeles, and Chicago. According to Pamela Duckworth, head of Fubo Studios, this strategic decision addresses the dual reality of modern media consumption patterns while maximizing content accessibility.

International operations through Molotov

Fubo operates globally through multiple subsidiaries. The company acquired French streaming platform Molotov in December 2021 for €164.3 million as part of international expansion. On August 18, 2025, Molotov announced a non-exclusive carriage agreement with Ligue 1 for the 2025/2026 season, becoming the first streaming platform to offer Ligue 1 McDonald's alongside French TV channels in a single ecosystem. The partnership represents Molotov's first major sports rights distribution deal since becoming part of Fubo's global portfolio.

Molotov's business model combines free basic access with premium subscription tiers, generating revenue through both advertising and direct subscriber payments. The integration allows Molotov to leverage Fubo's proprietary data and technology platform, optimized for live television and sports viewership. The French market provides geographic expansion beyond Fubo's primary North American operations, potentially reducing concentration risk.

Pricing evolution and subscriber impact ## Pricing evolution and subscriber impact

Average Revenue Per User grew 10% year-over-year to $84.54 during the same period. However, subscribers faced substantial price adjustments throughout the merger process. In January 2025, Fubo announced its base plan would increase to $94.99 per month, accompanied by a Regional Sports Fee increase to $15.99 monthly. The combined $110.98 monthly cost positioned Fubo at a premium price point in the streaming market.

The price increases reflected broader challenges facing streaming providers, particularly those focused on live sports content. According to Fubo's subscriber communication, rising costs from programming partners necessitated passing along increases to maintain service quality.

On August 28, 2025, Fubo announced Fubo Sports, a dedicated sports streaming service that launched September 2, 2025. The skinny content service provides consumers with 20+ sports and broadcast networks at $55.99 monthly, following an introductory rate of $45.99 for the first month. Fubo Sports includes local broadcast stations owned-and-operated by ABC, CBS, and FOX plus additional affiliates in select markets. The channel lineup encompasses ACC Network, Big 10 Network, CBS Sports Network, ESPN, ESPN2, ESPNews, ESPNU, Fox News, FS1, FS2, Fubo Sports Network, ION, NFL Network, SEC Network, and Tennis Channel. A significant component includes bundled access to ESPN's new direct-to-consumer Unlimited plan, incorporating ESPN+ content.

According to industry analysis, the Fubo Sports launch represents Disney's consolidation of the sports streaming market. Disney no longer needed Venu Sports because it gained direct control over sports streaming through Fubo ownership. The launch occurred six months after Disney acquired 70% control through the settlement that resolved the antitrust lawsuit.

Regulatory approval process

Fubo shareholders approved the merger on September 30, 2025, at a special meeting. The transaction remained subject to regulatory approvals and closing conditions before finalization.

Two brands maintain separate operations

Both Fubo and Hulu + Live TV will continue operating as separate and distinct services. Each offers consumers multiple plan options at different price points. Hulu + Live TV will continue streaming in the Hulu app and will be offered as part of an entertainment-focused bundle with Hulu, Disney+, and ESPN Unlimited. Fubo will continue serving viewers through the Fubo app.

The combined business provides access to more than 55,000 live sporting events annually, along with entertainment-focused programming. According to Amazon Ads documentation reviewed for this article, vMVPDs deliver both live TV programming and on-demand video to viewers via the internet, distinguishing them from traditional MVPDs that rely on cable, satellite, or fiber connections.

Traditional MVPDs like Comcast Xfinity, Charter Spectrum, and DirecTV act as intermediaries between TV networks and viewers, providing access to content through physical infrastructure. These providers negotiate contracts with networks to obtain broadcasting rights, then package content into channel bundles for customers. Because MVPDs deliver content via cable or satellite, they tend to be tied to specific geographic boundaries.

vMVPDs operate differently. They negotiate with content providers to obtain distribution rights, then make content available through apps or web-based platforms for monthly fees. Viewers can access vMVPD apps on multiple devices including smartphones, tablets, computers, and connected TVs. After logging in with account credentials, users select channels and content to watch—either live TV or on-demand video—with the vMVPD streaming content over the internet.

Streaming consolidation accelerates

The transaction represents significant consolidation within the virtual MVPD sector. Research from Kantar commissioned by Amazon Ads found that 58% of surveyed consumers identified as traditional linear cable or satellite viewers, while 42% used vMVPD services. The survey revealed that viewers are not set in their ways. Among traditional cable users, 72% would switch to a live TV streaming service if it were easy and beneficial. Similarly, 65% of vMVPD users would be open to switching to standard cable or satellite service.

Most vMVPD users surveyed have tried multiple services. The survey found that traditional linear TV viewers considered an average of 1.8 services, while vMVPD users considered an average of 2.5 services. Overwhelmingly, users start with free trials rather than buying full subscriptions immediately.

Price differences between service types remain substantial. According to the Kantar survey, traditional linear TV viewers pay an average $130 per month for cable and streaming services combined. vMVPD users pay an average of $101 per month for comparable services.

The Financial Times ranked Fubo 79th in its Americas' Fastest-Growing Companies 2025 list in April 2025, citing an absolute growth rate of 528.4% and compound annual growth rate of 84.5%.

New board brings extensive media experience

A board of directors has been seated to guide strategic direction of the combined company. Andy Bird serves as Independent Chairman. Bird is a British media executive with more than three decades of leadership experience. He previously served as Chairman of Walt Disney International and CEO of Pearson plc, where he transformed the publisher into a digital-first education company.

"It is a privilege to join Fubo as Chairman at such a transformative time for the company," Bird stated in the announcement. "Today's announcement brings together two industry leading brands and a compelling set of resources that uniquely position us to meet the evolving needs of today's consumer."

Additional board members include Daniel Leff as Lead Independent Director, Ignacio "Nacho" Figueras, Jonathan S. Headley, Jim Lygopoulos, Debra OConnell, Cathleen Taff, and Justin Warbrooke. The board brings operational experience across finance, media, entertainment, and sports in global markets.

Advertising operations transition to Disney

As part of the transaction, the Fubo advertising sales group will transition to Disney's advertising sales organization. According to the announcement, this change aims to deliver what the companies describe as a premium, data-powered experience for brands and viewers.

For advertisers, the merger creates a platform with substantial reach. Traditional MVPD advertising typically involves ad placements airing at one time to many households, with wide reach to established audiences. In contrast, according to Madhive documentation reviewed for this article, vMVPDs tend to air targeted spots to individual households.

vMVPD services provide access to data and insights that traditional MVPDs cannot offer, enabling better targeting and more accurate measurement. However, measuring ad performance via traditional MVPD remains difficult.

Financial structure and future plans

The combined company has access to a $145 million term loan that Disney committed to provide Fubo in 2026 as part of the transaction. All of Fubo's issued and outstanding shares of common stock were automatically converted into issued and outstanding shares of Class A Common Stock on a 1:1 basis. The outstanding shares continue trading on the New York Stock Exchange under the ticker symbol FUBO.

In connection with the closing, Fubo changed its fiscal year to end on September 30. The combined company's first full year following closing will end on September 30, 2026.

Fubo announced preliminary second quarter 2025 results on July 29, 2025, revealing the company's first quarter of positive Adjusted EBITDA. The streaming platform expected to achieve at least $20 million in positive Adjusted EBITDA, marking an improvement of at least $30 million year-over-year.

Fubo has continuously pushed boundaries in live TV streaming technology. The company was the first virtual MVPD to launch 4K streaming, MultiView functionality, and personalized game alerts. These technological advances support the platform's sports-first positioning while expanding programming to include reality shows, premium movies, and cable news content.

Implications for marketing professionals

The merger creates significant implications for the marketing community. Connected TV's share of media budgets is doubling from 14% in 2023 to 28% in 2025, according to industry projections. This growth occurs as advertisers seek alternatives to traditional cable and satellite providers.

According to Amazon Ads research, more than half of all TV viewers surveyed research on IMDb before deciding what to watch. Those using vMVPD services are more likely to listen to Amazon Music and Audible than traditional linear TV viewers. Sixty percent of vMVPD users and 44% of traditional linear TV viewers listen to podcasts at least one to three times per week.

Research published in July 2025 revealed that 72% of marketers reuse or slightly modify creative assets across social media and CTV platforms, while just 25% tailor creative for both channels. The findings from Smartly and EMARKETER highlight significant challenges in cross-channel storytelling as video consumption patterns reshape the advertising landscape. With 78% of U.S. adults expected to use multiple screens simultaneously by the end of 2025, brands face mounting pressure to develop cohesive strategies.

CTV viewing time is projected to grow 7.7% in 2025, reaching 2 hours and 35 minutes daily. Social media usage remains strong at 1 hour and 31 minutes per day. According to Oli Marlow-Thomas, chief innovation officer at Smartly, "Social assets are often built to be nimble, short, engaging, and tested through real-time feedback. When repurposed thoughtfully for CTV, that agility meets the power of a more immersive format." The research reveals distinct effectiveness ratings: short-form social video leads in impact with over 80% of marketers ranking it as effective or very effective, while CTV follows at 72% effectiveness ratings.

The lines between service types continue blurring. Many linear TV providers now offer streaming and on-demand options. Comcast Xfinity offers Xfinity on Demand and Xfinity Stream. DirecTV now offers DirecTV Stream. These new offerings fall into the vMVPD and VOD categories.

Conversely, companies that launched as video-on-demand services have started offering live TV options. Subscribers can now catch live programming on YouTube TV and Hulu + Live TV. Apple TV now offers live sports including Major League Baseball and Major League Soccer.

Programmatic advertising has reached 72% adoption among marketers, with Connected TV spending projected to reach $33.35 billion in 2025. The transaction positions the combined Fubo and Hulu + Live TV entity to compete more effectively within this expanding market.

Measurement challenges persist

Despite growth in streaming advertising, measurement challenges remain. According to Madhive, most effective approaches work with TV advertising platforms that can deliver ad content across both distribution models, finding the right audiences regardless of channel, device, or connection type.

Nearly half of U.S. marketers struggle with transparency and accountability in streaming campaigns, according to industry analysis. However, new technologies are emerging to address these challenges. Duration-based measurement approaches demonstrate streaming television's value proposition more accurately than traditional impression-based metrics.

Attention-based metrics reveal differences between streaming and traditional content. Research from TVision shows streaming content captures 64% attention compared to 59% for library content. Original streaming content demonstrates 8.5% higher attention rates than traditional programming, suggesting superior engagement quality.

The combined company operates in a competitive landscape. Comcast recently made traditional TV inventory availablethrough programmatic marketplaces, addressing what agencies describe as the challenge of delivering incremental reach through modern video approaches.

Transaction advisors

Wells Fargo served as the lead financial advisor to Fubo. 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. Cravath, Swaine & Moore LLP served as primary legal counsel, with Kirkland & Ellis LLP providing antitrust advice to The Walt Disney Company.

Fubo will address the transaction on its third quarter 2025 investor conference call, scheduled for Monday, November 3, 2025 at 8:30 a.m. ET.

Timeline

• 2015: Fubo founded as soccer-centric streaming platform
• February 20, 2024: Fubo files federal antitrust lawsuit against Disney, Fox Corporation, and Warner Bros. Discovery over proposed Venu Sports venture
• May 1, 2024: Fubo introduces innovative CTV ad units expanding options for marketers
• May 5, 2024: Fubo reports Q1 2024 results with 18% year-over-year subscriber growth reaching 1.908 million global subscribers
• May 19, 2024: Venu Sports brand name announced by Disney, Fox, and Warner Bros. Discovery joint venture
• August 2024: Federal judge grants Fubo's preliminary injunction, blocking Venu Sports launch
• September 6, 2024: Fubo unveils The Triple Play interactive CTV ad format
• November 18, 2024: Fubo launches interactive CTV ad formats with 47% higher purchase intent rate
• November 25, 2024: Fubo adds 18 NBCUniversal FAST channels expanding content library
• January 6, 2025: Disney settles antitrust lawsuit by agreeing to acquire 70% control of Fubo for $220 million settlement payment plus committed loans; announces merger combining Fubo with Hulu + Live TV
• January 13, 2025: Venu Sports joint venture officially terminated one week after Disney-Fubo settlement
• January 27, 2025: Fubo announces price increases to $94.99 monthly base plan as Disney integration begins
• April 2025: Financial Times ranks Fubo 79th in Americas' Fastest-Growing Companies 2025
• July 29, 2025: Fubo announces preliminary Q2 2025 results showing first quarter of positive Adjusted EBITDA exceeding $20 million
• August 18, 2025: Fubo and DAZN announce Canadian partnership under Disney oversight
• August 26, 2025: Magnite announces pause ads for streaming TV with DIRECTV and Fubo
• September 2, 2025: Fubo Sports skinny bundle launches with 20+ channels at $55.99 monthly
• September 12, 2025: Index Exchange implements duration-based reporting for streaming TV advertisements
• September 25, 2025: Teads announces CTV HomeScreen study revealing 48% attention rates
• September 30, 2025: Fubo shareholders approve merger at special meeting
• October 22, 2025: Comcast makes traditional TV inventory biddable through programmatic marketplace
• October 23, 2025: Teads launches CTV Performance measurement solution for connected TV
• October 24, 2025: Magnite deploys machine learning capabilities for ad pod optimization
• October 29, 2025: Fubo and Disney complete business combination, creating sixth-largest pay TV company
• November 3, 2025: Fubo scheduled to hold Q3 2025 investor conference call

Summary

Who: FuboTV Inc. and The Walt Disney Company completed their business combination. David Gandler, who co-founded Fubo in 2015, continues as CEO of the combined entity. Andy Bird serves as Independent Chairman of the newly seated board. Disney holds approximately 70% interest, while existing Fubo shareholders retain approximately 30% interest. The transaction involved Fox Corporation and Warner Bros. Discovery as parties to the original antitrust lawsuit that preceded the merger.

What: The companies closed a business combination that merges Fubo's operations with Disney's Hulu + Live TV business. The transaction creates the sixth-largest pay TV company in the United States with nearly 6 million subscribers in North America. The merger resolved a federal antitrust lawsuit that Fubo filed on February 20, 2024, alleging Disney, Fox Corporation, and Warner Bros. Discovery engaged in anticompetitive practices through their proposed Venu Sports joint venture. As part of the settlement, Fubo received a $220 million one-time payment, and the Venu Sports venture was terminated on January 13, 2025. Both Fubo and Hulu + Live TV brands will continue operating as separate services with distinct offerings. The combined company expects to realize synergies through content cost savings, advertising optimization, and sales and marketing opportunities. Fubo's advertising sales group transitioned to Disney's advertising sales organization. The transaction transforms Fubo from an independent antitrust challenger into a Disney-controlled subsidiary.

When: The transaction closed on October 29, 2025. The companies originally announced the proposed merger on January 6, 2025, which simultaneously settled the antitrust lawsuit filed 11 months earlier on February 20, 2024. A federal judge granted Fubo's preliminary injunction blocking Venu Sports in August 2024. Fubo shareholders approved the merger on September 30, 2025. Fubo will address the transaction on its third quarter 2025 investor conference call scheduled for November 3, 2025 at 8:30 a.m. ET. The company changed its fiscal year to end on September 30, with the combined company's first full year ending September 30, 2026.

Where: The combined company operates in North America, with nearly 6 million subscribers across the United States and Canada. Fubo also operates in Spain and France through its Molotov brand. Founded in 2015 as a soccer-centric streaming platform, Fubo evolved into what it describes as a "sports-first cable TV replacement product" aggregating more than 400 live sports, news, and entertainment networks. According to the company, Fubo operates as the only live TV streaming platform in the United States offering every English-language Nielsen-rated sports channel. The outstanding shares of Class A Common Stock continue trading on the New York Stock Exchange under the ticker symbol FUBO.

Why: The transaction creates what the companies describe as a unique virtual MVPD with substantial reach in both sports and entertainment programming. The merger represents a dramatic reversal from Fubo's antitrust challenge. The February 2024 lawsuit alleged that Disney, Fox, and Warner Bros. Discovery used anticompetitive tactics including forcing Fubo to carry expensive non-sports channels to license sports content, charging higher content licensing rates than other distributors, and imposing non-market penetration requirements. Fubo argued the proposed Venu Sports joint venture would control 60% to 80% of live broadcast sports content, limiting competition and harming consumers. After winning a preliminary injunction in August 2024, Fubo settled the lawsuit in exchange for $220 million, Disney channel carriage agreements, and the ability to create a Sports & Broadcasting service. According to industry analysis, Disney no longer needed Venu Sports after acquiring direct control over the sports streaming market through 70% ownership of Fubo. The combination delivers scale, stability, and strategic clarity according to Gandler, while addressing consumer demand for greater choice and flexibility in streaming options. The combined company has access to a $145 million term loan from Disney and expects to achieve operational synergies across multiple areas including content costs and advertising operations. As Connected TV spending reaches $33.35 billion in 2025, the transaction positions the combined entity to compete more effectively within the expanding streaming market.