Walt Disney is changing some channels, but shareholders are watching the same show. The entertainment conglomerate unveiled plans to inject its struggling Hulu Live TV bundle into the $2 billion owner of rival streaming service FuboTV .

Disney and FuboTV just kicked off the 2025 media biz M&A sweepstakes with the merger of Fubo TV and Hulu + Live TV. What does the deal mean?

The agreement ends litigation between the two companies over plans for a sports streaming service, but consumer advocates are pushing back.

Hulu is critical to Disney's (NYSE: DIS) streaming strategy, but the Hulu Live cable business wasn't part of those long-term plans. Instead of shutting it down, Bob Iger traded Hulu Live for a 70% stake in Fubo (NYSE: FUBO),

Shares of the Disney (DIS) gained 24.4% in 2024, narrowly edging out the S&P 500’s ($SPX) 23.3% gain. While Disney stock delivered great returns, what stood out was the entertainment giant’s ongoing transformation.