FuboTV (FUBO.US) has seen a significant rise of over 6% after announcing a merger agreement with Disney's (DIS.US) streaming division.

On Thursday, FuboTV (FUBO.US) shares soared, up over 6% at the time of writing to $3.845. Earlier in the day, Disney (DIS.US) announced that it would merge its Hulu + Live TV streaming service with online sports broadcaster FuboTV Inc. to create the second-largest digital pay-TV provider in North America, with 6.2 million subscribers, behind only YouTube TV. Under the agreement, Disney will fold its Hulu + Live TV business into Fubo and take a 70% stake in the new joint venture, with Fubo owning the remaining 30%. The deal does not involve Hulu's on-demand streaming business (the service that allows users to access on-demand content for a subscription fee). The merged television service will continue to operate under both the Fubo and Hulu + Live TV brands.