“The combined business will have about 6 million subscribers as it aims to compete in the Pay TV space. Fubo chief David Gandler will operate the combined Hulu + Live TV and Fubo business. Fubo Born out of the ashes of a legal fight and built after cord-cutting already shaved down the Pay TV landscape”, — write: www.hollywoodreporter.com
Fubo chief David Gandler will operate the combined Hulu + Live TV and Fubo business. Fubo
The surprise early January merger agreement between Hulu + Live TV’s business and Fubo has formally closed on Wednesday, the companies said. The deal gives heft to the player in the wonkily-titled virtual multichannel video programming distributor (vMVPD) space — with 6 million subscribers it can tout itself as a rival to YouTube TV, which is a leader with around 10 million subs. Both streamers will also remain as standalone offerings to consumers.
Disney now holds a 70 percent stake in the business, with Fubo shareholders owning 30 percent of the vMVPD service. The combined company will include a raft of Disney executives on the board, including Debra O’Connell, Cathleen Taff, Jim Lygopoulos and Justin Warbrooke. Fubo’s Gandler will lead the merged operations of Fubo and Hulu + Live TV.
The road to the merger included a pit stop at a failed launch of a streaming sports service from Disney, Fox Corp and Warner Bros. Discovery titled Venu (RIP), which was scuttled after a judge denied a bid to dismiss a lawsuit from Fubo, which sued on anticompetitive business grounds.
As part of the merger, former Disney international exec Andy Bird is joining the board as independent chairman. “It is a privilege to join Fubo as Chairman at such a transformative time for the company,” said Bird. “Today’s announcement brings together two industry leading brands and a compelling set of resources that uniquely position us to meet the evolving needs of today’s consumer.”
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