In a surprising deal announced on Monday, Disney is set to combine its Hulu Live TV business with Fubo, the live TV streaming service known for its extensive sports coverage. Under the terms of the deal, Disney will own about 70% of Fubo, which will continue to be available to viewers as a separate offering.

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.

The deal will create a streaming multichannel video service that is second only to YouTube in scale, while potentially allowing the Venu service to move forward.

Disney announced a deal with pay-TV provider Fubo to combine Hulu + Live TV with Fubo's operations in a joint venture, ending Fubo's Venu lawsuit.

Disney’s Hulu + Live TV service and Fubo will merge, creating one of the country’s largest pay TV providers, the companies announced Monday in a surprise deal that will potentially allow the Venu Sports streaming service to move forward.

According to a press release, Fubo and Hulu with Live TV will continue to be offered separately, but new subscription packages will be available after the deal closes. Customers will continue to use the Fubo app to watch Fubo programming, and Hulu's live TV subscribers will retain access to the Disney bundle and stream content via the Hulu app.

Hulu+ Live TV and Fubo will merge their internet TV businesses, Disney announced Monday. Disney, which owns Hulu, will be the majority owner of the new Fubo.

Disney's Hulu + Live TV and sports streaming service Fubo are combining in a deal that will also see the settlement of a lawsuit against the creation of Venu Sports. Fubo and Hulu + Live TV both allow customers to stream live broadcast and cable networks on their connected TVs,

These benefits are all hypothetical for now, but any attempt by Fubo and Disney to take on YouTube TV has to mean good things for subscribers: the two streaming services will naturally need to get more competitive to win over YouTube TV subscribers, be it by bolstering the channel list, reducing the price or improving the user experience.

Shares of FuboTV Inc. skyrocketed Monday after the company announced a deal to combine Walt Disney Co.’s Hulu + Live TV service with Fubo.