Discovery over theVenuSports streaming joint venture, a case that was set for a hearing in New York today.
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No more.
Both services will continue to be available as separate offerings.
Fubo sued Disney, Fox and Warner Bros. DiscoveryGetty
The merger will to create increasingly popular skinnier bundles in sports, news and entertainment, he said.
The transaction is subject to closing conditions including approval from regulators and Fubo shareholders.
Fubo is entitled to a $130 million breakup fee if it implodes, executives said on the call.
We are preparing ourselves for our growth stage, he said.
The expanded Fubo, with $6 billion in revenue, is expected to become cash flow positive instantly.
At closing, Disney will own 70% of Fubo and Fubo shareholders will own the rest.
Fubos existing management team, led by Gandler, will operate the newly combined businesses.
This combination enables us to deliver on our promise to provide consumers with greater choice and flexibility.
Its a win for consumers, our shareholders, and the entire streaming industry.
Shares of Disney and Fox ended about flat and WBD rose 2.5%.
Gandler will serve on the board.
