Fubo shareholders approve Disney's Hulu + Live TV merger

FuboTV shareholders approved the company's merger with Disney's Hulu + Live TV business on September 30, 2025, marking a significant consolidation in the streaming television market. The transaction, first announced in January 2025, will see Disney take approximately 70% ownership of the combined entity while Fubo's existing management continues to operate both platforms.

According to the announcement, shareholders voted at a special meeting held on September 30, 2025. The company will file detailed results with the Securities and Exchange Commission via Form 8-K. Despite shareholder approval, the transaction remains subject to regulatory approvals and other customary closing conditions before completion.

David Gandler, Fubo's co-founder and CEO, addressed shareholders following the vote. "We would like to thank Fubo shareholders for voting to approve our business combination with Disney's Hulu + Live TV business," Gandler stated in the announcement. He added that while regulatory hurdles remain, "today we are one step closer to fulfilling our vision of a streaming marketplace that provides consumers with greater choice and flexibility."

Ownership structure and management continuity

The deal's structure maintains operational continuity while shifting ownership dynamics. Gandler and his team will continue leading the combined businesses after closing. Both Fubo and Hulu + Live TV will remain separate offerings for consumers, providing what the companies describe as "an enhanced choice of programming packages addressing a variety of consumer preferences at attractive price points."

According to the proxy statement, all outstanding shares of Fubo's common stock will convert into Class A Common Stock upon closing. These shares will continue trading on the New York Stock Exchange under the ticker symbol FUBO.

Platform specifications and market position

Fubo operates as what it terms a "sports-first cable TV replacement product," aggregating more than 400 live sports, news, and entertainment networks. According to the company, it holds the distinction of being the only live TV streaming platform offering every English-language Nielsen-rated sports channel. This claim references Nielsen Total Viewers data from 2024.

The platform's technical capabilities include 4K streaming, MultiView functionality, and personalized game alerts. According to the announcement, Fubo was the first virtual multichannel video programming distributor to launch these features. The company currently operates in the United States, Canada, Spain, and France (where it runs a service called Molotov).

The Financial Times ranked Fubo among The Americas' Fastest-Growing Companies 2025, though the announcement provides no specific growth metrics or subscriber numbers to support this recognition.

Strategic rationale and market implications

This merger represents a significant shift in the streaming television landscape, where platforms have increasingly sought scale advantages through consolidation. The combination addresses mounting competitive pressures in the live TV streaming segment, where multiple providers compete for content licensing agreements and subscriber attention.

The announcement positions the deal as enhancing consumer choice through broader programming availability. However, the merger also concentrates market power, with Disney gaining majority control of a platform that competes with its other streaming properties. This structure raises questions about how Disney will manage potential conflicts between its various streaming interests.

For advertisers and marketers, the streaming television advertising market continues to fragment across multiple platforms, each with distinct audience measurement systems and buying processes. Connected TV advertising has emerged as one of the fastest-growing segments, with industry projections showing spending will reach $33.35 billion in 2025. The Fubo-Hulu merger may eventually lead to consolidated advertising offerings, though the companies have not announced specific plans regarding advertising sales integration.

Regulatory considerations and timeline uncertainty

The transaction faces regulatory review before completion. According to the announcement, approvals from regulatory bodies remain outstanding, though the companies have not specified which agencies are reviewing the deal or provided expected timelines for approval.

Regulatory scrutiny of streaming mergers has intensified as the sector matures and consolidates. Authorities typically examine whether combinations reduce consumer choice, increase prices, or create anti-competitive market conditions. The Disney-Fubo transaction may face particular scrutiny given Disney's extensive media holdings and market position.

The announcement contains extensive forward-looking statement disclaimers, noting that actual results could differ materially from expectations. Risk factors cited include achieving profitability, managing growth, renewing content contracts, attracting subscribers, competitive pressures, technology risks, and legal proceedings.

Financial and operational challenges

According to the announcement's cautionary statements, Fubo faces multiple business challenges that could affect the merger's success. These include the company's ability to achieve or maintain profitability, access to capital for funding operations and growth, and revenue seasonality.

The company also notes risks related to long-term content commitments and the need to renew contracts on favorable terms. Content costs represent a major expense for streaming platforms, and licensing negotiations with major media companies often involve complex terms and significant financial commitments.

Third-party platform dependencies pose additional risks. According to the announcement, Fubo relies on external platforms to operate certain business aspects, creating potential vulnerabilities. Cybersecurity and data privacy concerns also factor into the company's risk profile.

Content strategy and programming mix

Fubo's emphasis on sports programming differentiates it from broader entertainment-focused streaming services. According to the announcement, the platform aggregates premium sports, news, and entertainment content through a single application. The company describes itself as having a "proprietary data and technology platform optimized for live TV and sports viewership."

This sports focus aligns with Hulu + Live TV's programming strategy, which also includes substantial sports content. The combination could strengthen negotiating positions with sports content providers, though the announcement provides no details about planned changes to programming lineups or content acquisition strategies.

According to the announcement, subscribers can engage with content "through an intuitive and personalized streaming experience" leveraging Fubo's data and technology. Specific details about personalization algorithms, recommendation systems, or data collection practices were not disclosed.

Technical infrastructure and innovation claims

The announcement highlights several technical achievements, stating Fubo was first among virtual multichannel video programming distributors to launch 4K streaming, MultiView, and personalized alerts. These features target sports viewers who value high-definition picture quality and the ability to follow multiple games simultaneously.

MultiView functionality allows users to watch multiple streams concurrently, a feature particularly relevant for sports fans following multiple games. The technology requires significant bandwidth and processing capabilities, both for content delivery and for the user interface managing multiple video feeds.

Personalized game alerts represent another differentiation attempt, notifying users about games, scores, or events matching their preferences. The effectiveness of these systems depends on data collection, processing algorithms, and user engagement with alert settings.

Market context and competitive landscape

The streaming television market has undergone substantial consolidation since 2020. Multiple platforms now compete for subscriber attention, with established media companies launching direct-to-consumer services while pure-play streaming companies seek partnerships or acquisitions to gain scale.

Live television streaming presents particular challenges compared to on-demand content services. Content costs for live programming typically run higher, requiring either higher subscription prices or advertising revenue to offset expenses. The market segment also faces competition from traditional cable and satellite providers, which maintain substantial subscriber bases despite cord-cutting trends.

Disney's strategy involves managing multiple streaming properties with different positioning and target audiences. The company operates Disney+, ESPN+, and now will control Hulu + Live TV merged with Fubo. This portfolio approach allows targeting different consumer segments, though it also creates complexity in managing potentially overlapping services.

Disney has been actively expanding its streaming advertising capabilities, including recent integrations with major demand-side platforms and partnerships that enhance programmatic access to premium inventory. The Fubo merger adds another dimension to Disney's streaming advertising portfolio, potentially creating new opportunities for advertisers seeking sports-focused audiences.

Advertising technology implications

The merger occurs as streaming platforms increasingly adopt sophisticated advertising measurement and targeting capabilities. Recent industry developments include duration-based metrics for streaming TV measurement, which value advertisement time rather than simple impression counts. These advances enable more accurate performance assessment and pricing for streaming inventory.

Netflix's advertising business has been expanding rapidly, with the company projecting roughly double its ads revenue in 2025. This growth creates additional competitive pressure for platforms like Fubo and Hulu, which have longer histories in the advertising-supported streaming space.

The combined Fubo-Hulu entity will need to compete not only for subscriber attention but also for advertising dollars in an increasingly crowded marketplace. Measurement capabilities have become critical differentiators, with platforms investing in attention metrics and other sophisticated analytics to demonstrate value to advertisers.

Timeline

• January 6, 2025: Fubo and Disney announced the business combination transaction, including settlement with Venu Sports joint venture and $220 million payment to Fubo
• January 27, 2025: Fubo announced price increases to $94.99 monthly base plan, raising questions about market positioning
• July 29, 2025: Fubo reported first quarter of positive Adjusted EBITDA, exceeding revenue and subscriber guidance
• August 6, 2025: Disney announced streaming initiatives including NFL partnership and Hulu integration, expanding advertising opportunities
• August 26, 2025: Magnite announced pause ads for streaming TV with DIRECTV and Fubo, demonstrating platform advertising innovation
• September 30, 2025: Fubo shareholders approved the merger at special meeting
• Post-approval: Transaction remains subject to regulatory approvals and closing conditions
• Upon closing: Disney will own approximately 70% of combined entity; David Gandler continues as CEO
• Post-closing: Both Fubo and Hulu + Live TV continue as separate consumer offerings

Five Ws summary

Who: FuboTV shareholders voted to approve a merger between Fubo and Disney's Hulu + Live TV business. David Gandler, Fubo's co-founder and CEO, will continue leading the combined operations. Disney will own approximately 70% of the merged entity.

What: The shareholder vote approves a business combination creating a merged streaming television platform. Both services will continue operating as separate offerings for consumers. All Fubo common stock will convert to Class A Common Stock upon closing, continuing to trade on the New York Stock Exchange under ticker symbol FUBO.

When: Shareholders voted on September 30, 2025, at a special meeting. The transaction was originally announced in January 2025. Closing remains pending regulatory approvals and other customary conditions, with no specific completion date announced.

Where: The vote occurred at a Fubo special shareholder meeting. Fubo operates streaming services in the United States, Canada, Spain, and France. The company trades on the New York Stock Exchange and will file detailed voting results with the Securities and Exchange Commission.

Why: According to the announcement, the merger aims to enhance consumer choice by providing broader programming offerings. The combination addresses competitive pressures in the streaming television market by creating scale advantages. For Disney, the deal consolidates control over live television streaming assets while maintaining operational independence under existing management. The merger also resolved legal disputes regarding the proposed Venu Sports platform, with Fubo receiving $220 million in settlement payments.