Hulu is critical to Disney's (NYSE: DIS) streaming strategy, but the Hulu Live cable business wasn't part of those long-term plans. Instead of shutting it down, Bob Iger traded Hulu Live for a 70% stake in Fubo (NYSE: FUBO),

Walt Disney is changing some channels, but shareholders are watching the same show. The entertainment conglomerate unveiled plans to inject its struggling Hulu Live TV bundle into the $2 billion owner of rival streaming service FuboTV .

Disney announced Monday a merger of its streaming services in a surprise deal that would put it as second to YouTube TV's some 8 million subscribers, according to multiple reports.

Shares of the Disney (DIS) gained 24.4% in 2024, narrowly edging out the S&P 500’s ($SPX) 23.3% gain. While Disney stock delivered great returns, what stood out was the entertainment giant’s ongoing transformation.