NEW YORK—Live sports streamer Fubo announced today that its shareholders have approved its previously announced transaction with The Walt Disney Company to combine Fubo’s business with the Hulu + Live TV business.
The transaction remains subject to regulatory approvals and the satisfaction of other customary closing conditions.
The deal, which was announced in January ended a contentious period between the two companies, when Fubo battled Disney over what it viewed as unfair competition from Disney’s collaboration with Fox and Warner Bros. Discovery on the new Venu streaming service. Days later the companies pulled the plug on the joint venture.
Under the terms of the agreement, at closing, Disney will own approximately 70% of Fubo. Fubo’s existing management team, led by Fubo co-founder and CEO David Gandler, will operate the newly combined Fubo and Hulu + Live TV businesses. Fubo and Hulu + Live TV will continue to be available to consumers as separate offerings after the deal closes.
“We would like to thank Fubo shareholders for voting to approve our business combination with Disney’s Hulu + Live TV business,” Gandler said. “The transaction remains subject to regulatory approvals and other customary closing conditions, but today we are one step closer to fulfilling our vision of a streaming marketplace that provides consumers with greater choice and flexibility.”
