Disney and FuboTV on Monday announced a planned merging of Hulu Live + TV and Fubo.  

The two businesses will form a combined virtual multichannel video programming distributor (MVPD) company that "will operate under the Fubo publicly traded company name," the companies said. 

Disney will have a 70% ownership stake in Fubo.

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The combination "will facilitate an enhanced choice of programming packages and address a variety of consumer preferences at attractive price points," according to Disney and Fubo.

After completion of the deal, consumers will still have the option to get Fubo and Hulu + Live TV as "separate offerings," the companies also said. 

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Fubo shares surged Monday morning on the news.