(Reuters) -Walt Disney Co and sports-focused streaming provider FuboTV have agreed to combine their online live TV businesses, the companies said on Monday.
Disney will merge its Hulu + Live TV business with Fubo and own 70% of the combined company, the companies said, adding that the business will operate under publicly traded Fubo and the existing Fubo management team would lead it.
As part of the deal, Fubo has also settled all litigation with Disney and ESPN related to Venu Sports, the sports streaming platform planned by ESPN, FOX and Warner Bros. Discovery.
FuboTV had sued the big media companies last February, saying Venu would violate U.S. antitrust law by reducing competition and driving up prices. A district court judge found that Fubo is likely to succeed in its antitrust claims and issued the injunction temporarily barring Venu’s launch.
The three media majors will ask the U.S. Court of Appeals on Monday to reverse the ruling that blocked Venu’s launch.
(Reporting by Deborah Sophia in Bengaluru; Editing by Shilpi Majumdar and Shinjini Ganguli)
