Disney’s Combination of its Hulu + Live TV Business with Fubo

On January 6, 2025, The Walt Disney Company (“Disney”) and FuboTV Inc. (“Fubo) announced that they have entered into a definitive agreement for Disney to combine its Hulu + Live TV business with Fubo, forming a combined virtual MVPD company of which Disney will become the majority owner.

In conjunction with the transaction, Fubo has settled all litigation with Disney and ESPN related to Venu Sports, the previously announced sports streaming platform planned by ESPN, FOX and Warner Bros. Discovery. Fubo has also settled all litigation with FOX and Warner Bros. Discovery. Also in connection with the transaction, Disney, FOX and Warner Bros. Discovery will make an aggregate cash payment to Fubo of $220 million, and Disney has committed to provide a $145 million term loan to Fubo in 2026 as part of the Transaction. Cravath is representing Disney in connection with the transaction and related litigation.

The Cravath team is led by partners Faiza J. Saeed, Daniel J. Cerqueira, Cole DuMond and Alexander E. Greenberg and associates Matthew C. Weinstein, Julia Nagle, Mary Jean Perzik and Michael Minsuk Choi on M&A matters; partners Wes Earnhardt, Antony L. Ryan, Yonatan Even and Michael P. Addis and associates Ming‑Toy A. Taylor and Kallen Dimitroff on litigation matters; partners Nicholas A. Dorsey and Kelly M. Smercina and of counsel D. Ana Choi on financing matters; partner Andrew J. Pitts and of counsel Janice T. P. Martindale on capital markets matters; partners Lauren Angelilli and Andrew T. Davis and associates Carlos Nicholas Obando and Tristan Baylor on tax matters; partners Jonathan J. Katz and Jana I. Hymowitz, practice area attorney David Crampton and foreign associate attorney Andreas Kaletsch on executive compensation and benefits matters; partner Noah Joshua Phillips and of counsel Michael B. Singer on antitrust matters; partner Sasha Rosenthal‑Larrea, of counsel Kathryn‑Ann Stamm and associates Callum A.F. Sproule and Kenya Rowser on intellectual property matters; partners John W. White and Kimberley S. Drexler on corporate governance matters; and senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters. Abby Baskin and Debbie Park also worked on M&A matters and Michael Turner worked on litigation matters.