The Walt Disney Co. will merge its streaming multichannel video service Hulu with Live TV with its competitor Fubo in a surprise deal that will shake up the streaming TV business, the companies said Monday. From a report: The new company will continue to be traded publicly under the Fubo name, however Disney will control 70% and appoint a majority of the board. Fubo management, including co-founder and CEO David Gandler, will run the combined venture.

The deal will do a couple of big things if and when it is completed: For starters, it will create a much bigger player in the virtual multichannel video provider (vMVPD) space, one that can more aggressively take on the market leader YouTube TV. YouTube TV said a year ago that it had 8 million subscribers, while Hulu + Live TV had 4.6 million subscribers and Fubo had 1.6 million subscribers, giving a combined offering 6.2 million subs.