Six months ago, the idea of Disney merging Hulu + Live TV with Fubo—a competitor they were essentially trying to crush—would have seemed absurd. But here we are in 2025, and the streaming wars just got a whole lot weirder.
Disney and Fubo officially closed their deal this week, combining Hulu + Live TV with Fubo’s operations to create the second-largest virtual pay-TV provider in the United States.
The combined services bring nearly 6 million subscribers across North America. That’s impressive, sure, but—they’re still playing catch-up to YouTube TV, which is sitting pretty with over 10 million paying subscribers.
Here’s what makes this whole thing fascinating, though: Disney owns 70% of this new combined company, while existing Fubo shareholders hold the remaining 30%. So Disney’s essentially admitting they couldn’t make Hulu + Live TV work on their own while simultaneously becoming the majority owner of their former rival—that’s corporate strategy in 2025, for you.
The Venu Sports connection
Remember when Disney, Fox, and Warner Bros. Discovery tried to launch Venu Sports? Fubo slapped Disney with an antitrust lawsuit over it. This merger was basically the peace treaty—Fubo dropped the lawsuit when the deal was announced in January, and Venu Sports quietly died shortly after.
The Justice Department even cleared the deal without much fuss, which is interesting considering Fubo’s entire lawsuit was based on antitrust concerns.
What this means for you
Before you panic: both Hulu + Live TV and Fubo will remain “separate and distinct services.” Your Hulu + Live TV subscription isn’t going anywhere, and it’ll still live in the Hulu app you already know. It’ll continue bundling with Disney+ and ESPN Unlimited too.
The combined service promises access to over 55,000 live sporting events annually and programming options “from skinny to robust at compelling price points.”
The Money Behind The Deal
Disney’s committed to providing Fubo with a $145 million term loan in 2026, which tells you something about how serious they are about making this work. The companies are banking on achieving cost savings through “more flexible programming packaging” (there’s that phrase again), advertising optimization, and marketing synergies.
David Gandler, Fubo’s co-founder and CEO, will lead the combined business. That’s notable because Disney could’ve easily parachuted in its own management team but chose to keep Fubo’s leadership intact. Either they’re being unusually gracious, or they recognize that Gandler and his team actually know what they’re doing.
The board is also stacked with Disney executives, plus Andy Bird (former Walt Disney International chairman) as independent chair, and polo player Ignacio “Nacho” Figueras.
The bottom line
This merger is Disney admitting that streaming is harder than it looks, even when you own ESPN, ABC, and a mountain of content. It’s a reminder that in the streaming wars, yesterday’s enemies become today’s partners when the alternative is bleeding money every quarter.
For consumers, the promise is more choice and better pricing. History suggests we should be cautiously optimistic at best. Just remember: when big media companies merge and promise better service at lower prices, that’s usually your cue to check your subscription fees before they mysteriously increase.