The Walt Disney Company has announced a landmark deal to merge its Hulu + Live TV business with FuboTV Inc., forming a new virtual multi-channel video programming distributor (MVPD).

The deal will make Disney the majority owner of the combined company, with a 70 percent stake, subject to regulatory and shareholder approvals, Reuters reported.

The merger combines Hulu + Live TV’s entertainment programming with FuboTV’s robust sports offerings, creating a versatile streaming platform with over 6.2 million subscribers in North America.

David Gandler, Co-founder and CEO of Fubo, expressed enthusiasm for the partnership, “This combination enables us to deliver greater choice and flexibility to consumers while strengthening Fubo’s balance sheet and positioning us for positive cash flow. It’s a win for consumers, shareholders, and the streaming industry.”