TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and a huge merger in the streaming space.
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00:00I'm Conway Giddens reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Tech stocks kept their form on Monday
00:06with more AI reveals expected at the Consumer Electronics
00:09Show in Las Vegas.
00:11Blue chips, however, were wobbly.
00:13Investors await the latest updates
00:15on the strength of the services sector and job openings
00:18due Tuesday.
00:20Turning to other business headlines,
00:23there's a shakeup in the streaming media world.
00:25Hulu Plus Live TV, which is owned by Disney,
00:29will merge with sports streaming startup Fubo
00:32to create the second largest streaming paid TV operator.
00:35As part of the deal, Fubo will drop its antitrust lawsuit
00:39against Venue Sports, which has had its debut pushed back
00:42because of the legal fight.
00:44Venue Sports is a streaming joint venture
00:46between Disney, Fox, and Warner Brothers Discovery.
00:50The combination of Hulu Plus Live TV and Fubo
00:53brings together 6.2 million streaming subscribers
00:56in North America, with roughly $6 billion in sales.
01:00Its biggest rival, Google's YouTube,
01:02had more than 8 million subscribers last year
01:05when it last publicized those numbers.
01:07So what does this mean for customers?
01:10The combined entity will be under the leadership
01:12of the Fubo executive team, but will retain separate apps.
01:17If you subscribe to the Hulu On Demand service,
01:20you are left out of this deal.
01:22However, Hulu Plus Live TV will still
01:25be a part of the Hulu, Disney Plus, and ESPN streaming bundle.
01:30In a statement, Fubo co-founder and CEO David Gandler
01:33says, quote, we are thrilled to collaborate with Disney,
01:37adding, the combination enables us
01:39to deliver on our promise to provide consumers
01:42with greater choice and flexibility.
01:45The merger is expected to take up to a year and a half
01:48to complete.
01:49That'll do it for your daily briefing from the New York
01:51Stock Exchange.
01:53I'm Conway Gittens with The Street.