华特迪士尼公司 (Walt Disney Co.) 和 FuboTV Inc. 合并其在线直播电视业务，创建北美第二大数字付费电视提供商

Fubo 拥有 620 万订户，此次合并增强了 Fubo 在竞争激烈的流媒体行业中的地位，该行业一直在努力应对高昂的节目成本和订户保留方面的挑战。

Walt Disney (NYSE:DIS) and FuboTV (NYSE:FUBO) are combining their online live TV operations in a move that will create the second-largest digital pay-TV provider in North America, a major development in the streaming industry.

华特迪士尼 (NYSE:DIS) 和 FuboTV (NYSE:FUBO) 正在合并其在线直播电视业务，此举将创建北美第二大数字付费电视提供商，这是流媒体行业的重大发展。

With 6.2 million subscribers, Fubo is struggling in the competitive streaming industry, which is grappling with high programming costs and challenges in subscriber retention. But Disney, the entertainment giant, is stepping in to help Fubo scale up.

Fubo 拥有 620 万订户，在竞争激烈的流媒体行业中举步维艰，该行业正在努力应对高昂的节目成本和订户保留方面的挑战。但娱乐巨头迪士尼正在介入，帮助 Fubo 扩大规模。

Under the deal, Disney will maintain a majority stake of 70% in the newly formed entity, which will continue to operate under both the Fubo and Hulu + Live TV brands. Notably, the deal does not include Hulu's on-demand streaming service, keeping that component of Disney's operations separate.

根据协议，迪士尼将保留新成立实体 70% 的多数股权，该实体将继续以 Fubo 和 Hulu + Live TV 品牌运营。值得注意的是，该交易不包括 Hulu 的点播流媒体服务，使迪士尼业务的该部分保持独立。

This strategic move aims to offer consumers more choice and flexibility while enhancing the market standing of both brands.

这一战略举措旨在为消费者提供更多选择和灵活性，同时提高两个品牌的市场地位。

After the announcement, Fubo stock soared nearly 200%, reaching $3.99 at the New York open on Friday, March 31. This marked the company's biggest jump since January 2018. Disney shares also saw an uptick, rising by 0.7%, reflecting the positive market reaction to the merger.

消息公布后，Fubo 股价飙升近 200%，在 3 月 31 日星期五纽约开盘时达到 3.99 美元。这是该公司自 2018 年 1 月以来的最大涨幅。迪士尼股价也出现上涨，上涨 0.7%，反映了市场的利好对合并的反应。

David Gandler, FuboTV co-founder, will become the CEO of the combined company, which will be positioned as the second-largest player in the digital pay-TV market, trailing only YouTube TV in terms of subscribers.

FuboTV 联合创始人 David Gandler 将担任合并后公司的首席执行官，该公司将定位为数字付费电视市场第二大参与者，在订户数量方面仅次于 YouTube TV。

"This transaction will enable FuboTV to scale effectively, and combined with our anticipated strong 2023 financial performance, will strengthen our balance sheet and ultimately position us to achieve positive cash flow," Gandler said in a statement.

甘德勒在一份声明中表示：“这项交易将使 FuboTV 能够有效扩大规模，并结合我们预期的 2023 年强劲财务业绩，将加强我们的资产负债表，并最终使我们实现正现金流。”

"Our combined team will be able to create a more powerful entity, capable of competing with larger players in the space."

“我们的合并团队将能够创建一个更强大的实体，能够与该领域更大的参与者竞争。”

One of the most significant components of the merger is Disney's commitment to help Fubo secure a new carriage agreement, which will allow Fubo to offer a sports and broadcast service featuring Disney networks, including ABC and ESPN.

此次合并最重要的组成部分之一是迪士尼承诺帮助 Fubo 获得新的运输协议，这将使 Fubo 能够提供以迪士尼网络（包括 ABC 和 ESPN）为特色的体育和广播服务。

Currently, Fubo offers a service that streams over 55,000 live sporting events annually, making it a go-to platform for sports fans.

目前，Fubo 每年提供超过 55,000 场体育赛事直播服务，使其成为体育迷的首选平台。

As part of the agreement, Disney and Fubo have resolved ongoing litigation between Fubo and Venu Sports, a planned streaming platform backed by Disney, Fox Corp, and Warner Bros. Discovery.

作为协议的一部分，迪士尼和 Fubo 解决了 Fubo 和 Venu Sports 之间正在进行的诉讼，Venu Sports 是一个由迪士尼、福克斯公司和华纳兄弟探索公司支持的计划中的流媒体平台。

According to the settlement, the Venu partners will pay Fubo $220 million, and Disney will provide an additional $145 million term loan in 2026, which will be used by Fubo to bolster its growth.

根据和解协议，Venu 合作伙伴将向 Fubo 支付 2.2 亿美元，迪士尼将在 2026 年额外提供 1.45 亿美元定期贷款，用于 Fubo 的增长。

This financial settlement strengthens Fubo's position and allows the company to focus on growth.

此次财务和解增强了 Fubo 的地位，使公司能够专注于增长。