FuboTV to combine Hulu live-TV business; Hulu gets 70% economic stake, Fubo manages Newco

FuboTV Inc.

Hulu contributes its live TV business to Newco; Fubo contributes its business for 30% economic interest; Hulu receives 70% voting control via new Class B stock.
Fubo will be sole managing member of Newco; post-close board: 5 Hulu appointees, 2 independent from Fubo, 1 Hulu independent, plus CEO.
Fubo pays $50M termination fee if it accepts a superior proposal; Hulu pays $130M if it breaches or antitrust clearance fails.
$20.5M retention bonus program for named executive officers: 25% cash at closing, 75% RSUs vesting over 2 years.
Disney affiliate commits $145M senior unsecured debt facility for Fubo, available Jan 5, 2026, not contingent on BCA closing.

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