As rumors and reports swirl about one of a handful of media giants acquiring Warner Bros. Discovery, another major transaction between two entertainment companies is moving ahead on pace. The merger of Fubo and Hulu + Live TV crossed another big item off its to-do list this week, with Disney and Fubo announcing on Wednesday that their streaming services had finished combining their two separate businesses into one.

Fubo and Hulu + Live TV are now united under the same corporate banner. The union of the two companies creates a pay-TV business with nearly 6 million subscribers in North America. Fubo CEO David Gandler is at the head of the company, with Andy Bird serving as chairman of the board of directors. Bird previously served as chairman of Walt Disney International.

The two streamers will continue to be available separately, so customers won’t notice a huge change in the way that they access either Fubo or Hulu + Live TV, at least for now. Each streamer will continue to have its own app, and while the two will probably be available to subscribe to on each other’s websites at some point in the near future, that hasn’t happened yet.

“Since Fubo’s founding a decade ago, our vision has always been to build a consumer-first streaming platform defined by innovation and value,” Gandler said. “Together with Disney, we’re creating a more flexible streaming ecosystem that gives consumers greater choice, while driving profitability and sustainable growth.”

Things are moving right along for the merger of Hulu + Live TV and Fubo, which gained the approval of Fubo shareholders at the end of September. But there are still large obstacles remaining, including the approval of regulators who could have major antitrust concerns about the merger. Still, this news represents a major step forward for the transaction overall.

“It is a privilege to join Fubo as Chairman at such a transformative time for the company,” Bird said in a statement. “Today’s announcement brings together two industry leading brands and a compelling set of resources that uniquely position us to meet the evolving needs of today’s consumer.”

Once all of the corporate and regulatory issues are resolved, it is unclear exactly how the live streamers will operate moving forward. Last month, Fubo launched a sports-focused skinny bundle called Fubo Sports, something far closer to Gandler’s original vision for the platform. While it was originally described as a separate streamer, Fubo Sports is currently just another subscription option inside the larger Fubo universe.

However, the initial language did lead us to wonder if the future of Fubo was tied exclusively to the sports-only offering. While that is yet to be seen, with news that Hulu will soon be fully integrated into Disney+ next year, that does lead to the possibility that Fubo might absorb all of the Hulu + Live TV customers so that Disney can remove live streaming redundancies.

Regardless of how Disney and Fubo decide to move forward, there is little doubt that the corporate combination of two of the largest live streamers on the market will generate significant ripples across the industry.