Shares of FuboTV (FUBO) more than doubled Monday on news the streaming service will combine with The Walt Disney Co.'s (DIS) Hulu + Live TV.

The company said the deal will see Disney own 70% of Fubo, while "Fubo's existing management team, led by Fubo Co-founder and CEO David Gandler, will operate the newly combined Fubo and Hulu + Live TV."

Gandler said joining forces with Disney "allows us to scale effectively, strengthens Fubo’s balance sheet and positions us for positive cash flow." Gandler called it "a win for consumers, our shareholders, and the entire streaming industry."

Fubo will be governed by a board that is majority appointed by Disney, as well as independent directors. Gandler will also serve on the board. Fubo will operate as a publicly traded company under the same ticker symbol, and Fubo and Hulu + Live TV will be available to subscribers separately.

FuboTV Ends Litigation Against Disney, FOX, WBD Sports Streaming Venture

In addition, the move likely will help open the door for Disney's sports streaming venture with FOX (FOXA) and Warner Bros. Discovery (WBD) called Venu Sports, announced last February. That plan has been hung up in the courts as FuboTV filed a lawsuit challenging it, but in today's statement the company noted that it has settled all litigation against the firms. As part of that, Disney, FOX, and Warner Bros. Discovery will pay Fubo $220 million in cash. 

FuboTV shares were up 130% in recent trading. Shares of Walt Disney rose 1%.