FuboTV shareholders approve business combination agreement

FuboTV (FUBO) announced that its shareholders have approved its previously announced transaction with The Walt Disney Company (DIS) to combine Fubo’s business with the Hulu + Live TV business. The transaction, approved by Fubo’s shareholders at its special meeting of shareholders held today, remains subject to regulatory approvals and the satisfaction of other customary closing conditions. Under the terms of the agreement, at closing, Disney will own approximately 70% of Fubo. Fubo’s existing management team, led by Fubo Co-founder and CEO David Gandler, will operate the newly combined Fubo and Hulu + Live TV businesses. Fubo and Hulu + Live TV will continue to be available to consumers as separate offerings post-closing and will facilitate an enhanced choice of programming packages addressing a variety of consumer preferences at attractive price points. As outlined in the proxy statement related to the transaction, upon the closing of the transaction, all of Fubo’s issued and outstanding shares of common stock will be automatically converted into issued and outstanding shares of Class A Common Stock. The outstanding shares of Class A Common Stock will continue to trade on the New York Stock Exchange under the ticker symbol “FUBO.”