Disney and Fubu reached a merger agreement under which Disney will combine its Hulu + Live TV business with Fubo to create a new virtual multichannel video programming distributor.

Disney and FuboTV on Monday announced a planned merging of Hulu Live + TV and Fubo. Disney will have a 70% ownership stake in Fubo when the deal closes.

Disney will own a 70% stake in the resulting company, and Fubo will retain a 30% share. Fubo's management will run the new company, while Disney will appoint the majority of the board of directors. Both brands will continue to operate as they are today.