Hulu + Live TV and Fubo strike a deal

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and a huge merger in the streaming space.

Transcript

00:00I'm Conway Giddens reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04Tech stocks kept their form on Monday

00:06with more AI reveals expected at the Consumer Electronics

00:09Show in Las Vegas.

00:11Blue chips, however, were wobbly.

00:13Investors await the latest updates

00:15on the strength of the services sector and job openings

00:18due Tuesday.

00:20Turning to other business headlines,

00:23there's a shakeup in the streaming media world.

00:25Hulu Plus Live TV, which is owned by Disney,

00:29will merge with sports streaming startup Fubo

00:32to create the second largest streaming paid TV operator.

00:35As part of the deal, Fubo will drop its antitrust lawsuit

00:39against Venue Sports, which has had its debut pushed back

00:42because of the legal fight.

00:44Venue Sports is a streaming joint venture

00:46between Disney, Fox, and Warner Brothers Discovery.

00:50The combination of Hulu Plus Live TV and Fubo

00:53brings together 6.2 million streaming subscribers

00:56in North America, with roughly $6 billion in sales.

01:00Its biggest rival, Google's YouTube,

01:02had more than 8 million subscribers last year

01:05when it last publicized those numbers.

01:07So what does this mean for customers?

01:10The combined entity will be under the leadership

01:12of the Fubo executive team, but will retain separate apps.

01:17If you subscribe to the Hulu On Demand service,

01:20you are left out of this deal.

01:22However, Hulu Plus Live TV will still

01:25be a part of the Hulu, Disney Plus, and ESPN streaming bundle.

01:30In a statement, Fubo co-founder and CEO David Gandler

01:33says, quote, we are thrilled to collaborate with Disney,

01:37adding, the combination enables us

01:39to deliver on our promise to provide consumers

01:42with greater choice and flexibility.

01:45The merger is expected to take up to a year and a half

01:48to complete.

01:49That'll do it for your daily briefing from the New York

01:51Stock Exchange.

01:53I'm Conway Gittens with The Street.