In a significant update during its latest earnings call, FuboTV Inc. (NYSE: FUBO) revealed that its highly anticipated merger with Disney’s Hulu + Live TV may not close until 2026, though the company remains optimistic about a potential completion in the fourth quarter of 2025. The announcement comes as Fubo navigates regulatory hurdles and shareholder approvals, which have introduced uncertainties into the timeline of this transformative deal aimed at creating a leading virtual multichannel video programming distributor in North America. This comes as Fubo and Hulu both lost over 100,000 subscribers each in the 2nd quater of 2025.
The merger, first announced on January 6, 2025, would see Disney acquire a 70% stake in Fubo, combining its Hulu + Live TV service with Fubo’s sports-centric streaming platform to form a powerhouse with approximately 6.2 million subscribers. This combined entity, operating under the Fubo brand, is poised to challenge market leader YouTube TV, which boasts over 8 million subscribers. The deal also includes a $220 million cash settlement from Disney, Fox, and Warner Bros. Discovery, a $145 million term loan from Disney in 2026, and a $130 million termination fee if the merger fails due to regulatory issues.
The DOJ’s ongoing review, has cast a shadow over the merger’s timeline. Critics argue that the deal could reduce competition in the streaming market, especially given Disney’s dominant position in sports content through ESPN and ABC. The settlement of Fubo’s antitrust lawsuit against Disney, Fox, and Warner Bros. Discovery over the now-canceled Venu Sports streaming service was a key factor in moving the merger forward, but it hasn’t eliminated regulatory concerns.
Despite the potential delay, Fubo reported positive developments in its Q2 2025 preliminary results, forecasting a reduced net loss of $8 million compared to $28.4 million in Q2 2024, and revenue exceeding $365 million. The company also plans to launch a sports-focused “skinny bundle” in late 2025, featuring Disney’s sports and broadcast networks, which could proceed independently of the merger’s outcome.
For subscribers, Fubo and Hulu + Live TV will continue to operate as separate services for now, with no immediate changes to pricing or channel offerings. However, the merger’s eventual completion could lead to more flexible programming packages, potentially including regional sports networks on Hulu + Live TV or a Disney Bundle option for Fubo users.
As Fubo and Disney work through the regulatory process, the streaming industry watches closely. The merger’s outcome could reshape the competitive landscape, offering consumers more choice but also raising questions about market consolidation. For now, Fubo remains focused on scaling its business and delivering value to its 1.35 million North American subscribers, while hoping to finalize the deal by late 2025.
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