Fubo set to ask for shareholder approval of Hulu + Live TV merger
Fubo set to ask for shareholder approval of Hulu + Live TV merger
The streamer has filed paperwork with the SEC to get the transaction moving.
It’s been a while since any news came out about the intended merger of
Fubo and Hulu + Live TV, but the transaction is still very much in play. On Monday, Fubo informed The Streamable that it had filed key paperwork with the Securities and Exchange Commission (SEC) to schedule a shareholder vote on the proposed deal to combine the two live TV streaming services.
Key Details:
- First step in the process: Fubo has filed a preliminary proxy statement with the SEC.
- Unanimous approval: The Fubo board unanimously recommends approving the merger agreement.
- Big plans: Fubo plans to launch a new streaming product when it merges with Hulu + Live TV.
Fubo has officially filed a preliminary proxy statement with the SEC, which is a first step in the process of getting a vote from shareholders on the transaction. The statement gives shareholders details about an upcoming meeting where they’ll be asked to vote on the merger with Hulu + Live TV.
Regulations stipulate that the preliminary statement must be filed with the SEC at least 10 days before the definitive proxy statement is sent to shareholders. That could mean a vote on the merger agreement by investors in Fubo could be coming very soon.
According to the preliminary statement, the Fubo board unanimously approved the Plan of Conversion that will see Fubo merged with Hulu + Live TV. The board also unanimously recommends that Fubo shareholders vote for the transaction as well.
The planned merger of Fubo and Hulu + Live TV was first announced in January. Disney will own 70% of the new company, while Fubo will own the other 30%, and the combination of the two will also lead to the creation of a new streaming product whose dimensions have yet to be laid out in detail. However, it was originally announced that Fubo and Hulu + Live TV would remain separate streaming options under the same corporate umbrella. How that will play out still remains to be seen.
The deal has already drawn the scrutiny of lawmakers. In February, Senator Elizabeth Warren (D-MA) asked the Department of Justice to review the transaction for possible antitrust law violations, and in April, the DOJ agreed to take a look. That means that there could be much more to the consummation of the merger than just a shareholder approval vote.
Disney and Fubo have to move forward as if their deal is going to go through, however. That includes a careful focus on the details, and the filing of a preliminary proxy statement, as Fubo announced on Monday, is a big step in the process.
Hulu Live TV
Hulu Live TV is a live TV streaming service with more than 70 channels for $89.99 per month. Hulu + Live TV base plan includes local channels 32 of the top 35 cable channels, and regional sports networks (RSNs). Subscribers get free access to Disney+ and ESPN Select at no extra charge.
