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,

FuboTV stock was skyrocketing on Monday after the company and Walt Disney agreed to merge their live TV offerings in a deal that could shake up the sports streaming landscape. Disney is combining its Hulu + Live TV business with Fubo to form a new streaming platform,

This week's jump was warranted. Fubo went from a fringe but growing digital platform to one with Disney as a majority shareholder. The House of Mouse now has a 70% stake in Fubo, contributing its Hulu + Live TV streaming service to Fubo's live TV platform anchored by sports programming.

The agreement ends litigation between the two companies over plans for a sports streaming service, but consumer advocates are pushing back.

FuboTV Inc (NYSE:FUBO) stock was last seen up 131.6% at $3.34, after the streaming company announced earlier it will combine with Walt Disney's (DIS) Hulu+ Live TV, bringing their conjoined subscriber count to 6.2 million. The deal makes Walt Disney majority owner of FuboTV with a 70% stake.