Fubo announced today that its shareholders have approved the proposed merger with Hulu + Live TV, owned by Disney.
The agreement to merge the live TV streaming businesses was first announced in January and came as a result of a settlement of litigation between Fubo and The Walt Disney Company, ESPN, FOX, and Warner Bros. Discovery, with Fubo aiming to prevent the launch of a new sports streaming service developed as a join venture between the media powerhouses.
Fubo says that the deal ” is expected to enhance consumer choice by making available a broad set of programming offerings.” With the deal, Disney will own approximately 70% of Fubo and Fubo’s existing management team, led by Fubo CEO David Gandler, will run the combined business. Fubo and Hulu + Live TV will be available as separate services, to give customers a variety of options, based on content preferences.
“We would like to thank Fubo shareholders for voting to approve our business combination with Disney’s Hulu + Live TV business,” said Gandler. “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.”
The merger is still subject to regulatory approvals and other closing conditions.