Walt Disney Co (NYSE: DIS) and FuboTV (NYSE: FUBO) just shook up the streaming sector. The two companies surprised investors by announcing the combination of Fubo and Hulu + Live TV into a company that will be known as Fubo,

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.

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.