Disney and FuboTV on Monday announced a planned merging of Hulu Live + TV and Fubo. Disney will have a 70% ownership stake in Fubo when the deal closes.

The deal will create a streaming multichannel video service that is second only to YouTube in scale, while potentially allowing the Venu service to move forward.

In a surprising deal announced on Monday, Disney is set to combine its Hulu Live TV business with Fubo, the live TV streaming service known for its extensive sports coverage. Under the terms of the deal, Disney will own about 70% of Fubo, which will continue to be available to viewers as a separate offering.