On October 29, 2025, FuboTV Inc. and The Walt Disney Company officially closed their long-anticipated merger. The transaction combined Fubo’s streaming television business with Disney’s Hulu + Live TV service, forming a joint entity under a new operating structure. According to the companies, the merged business will be managed under FuboTV Inc. as the sole managing member, while Hulu, a Disney subsidiary, holds a majority economic and voting interest.
Details from the 8-K Filing
The Form 8-K filed with the Securities and Exchange Commission outlines a series of steps leading to the merger. Before closing, both Fubo and Hulu completed corporate reorganizations. Hulu formed subsidiaries, including Hulu Live LLC and Fubo Operations LLC (also called “Newco”), to hold their respective assets. At closing, Hulu contributed its Hulu + Live TV business to Newco and received 70 percent of the economic interest in the new entity, while Fubo contributed its own business and retained 30 percent. Hulu also received newly created Class B common stock, giving it 70 percent of Fubo’s total voting power.
Fubo became a Delaware corporation as part of the process, adopting new bylaws and converting its prior common stock to Class A shares. Several new agreements were executed, including:
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A Registration Rights Agreement allowing Hulu to resell shares in the future once registered with the SEC.
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A Tax Receivables Agreement, under which Fubo will pay Hulu a share of any tax benefits derived from certain transactions.
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A Stockholders Agreement governing Hulu’s voting rights and restrictions on transferring its new Class B shares for 24 months.
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A Newco Operating Agreement establishing Fubo as the sole manager of Newco.
Board changes were also made at closing. The Fubo board expanded to nine directors, with several Disney executives—including Debra OConnell, Cathleen Taff, and Justin Warbrooke—joining alongside Fubo CEO David Gandler. Andy Bird, formerly of Disney International, was named chairman.
What the Structure Means
The new ownership arrangement effectively makes Disney the controlling shareholder of Fubo. Through Hulu, Disney now holds the majority of both the economic and voting power, while Fubo retains management control day-to-day. Newco operates as an “umbrella partnership C corporation,” a setup that allows Fubo’s publicly traded stock to track its 30 percent ownership in the combined operating business.
The filing also notes that the merger triggers technical changes to Fubo’s outstanding convertible notes and reporting structure, as well as a shift in its fiscal year to end on September 30. Financial statements and pro forma information reflecting the merged company will be filed within 71 days of the initial report.
Market Reaction
Despite the scale of the transaction, the stock has shown little movement. Investors appear to be waiting for more detailed financial disclosures and updated guidance before reassessing the company’s valuation. The 8-K confirms that full financial statements for the combined business have not yet been released, which may be limiting trading activity until the market can evaluate the merger’s earnings impact and integration costs.
What’s Next
It seems we’ll have to see what happens with Fubo’s AI technology (team news, highlights, sports betting), along with the company’s future product roadmap. There are also questions about additional channel lineups, like Univision or TNT Sports could return or be added under the new structure. For now, it looks like we’ll be waiting 71 days for additional financial disclosures to get a clearer picture of the merged company’s performance. It’s unclear what the next earnings report will bring in November; it might be less than stellar. Fubo has done the hard part and escaped bankruptcy; now it's time to show the market why it's worth $20+ per share.