Fubo and Disney have agreed to a deal to combine their live-TV streaming businesses.

Why it matters: The combination of Disney's Hulu + Live TV offering with Fubo's sports-focused service would form the country's second-largest live TV streamer behind YouTube TV, Axios' Tim Baysinger writes.

Zoom in: Hulu + Live TV and Fubo will operate under the publicly traded Fubo name. (The deal does not include the rest of Hulu, just the live TV business.)

• Disney will own 70% of the combined company, which will be led by the existing Fubo management team.

The impact: Fubo's stock, worth just above $1 per share prior to the news, more than doubled, closing at $3.63.

Meanwhile, the deal also creates a green light for Venu Sports, the sports streaming service planned by Disney's ESPN with partners Fox and Warner Bros. Discovery.

Catch up quick: Last February, Fubo filed a lawsuit against Venu to block the streaming service over antitrust grounds, and a temporary injunction was granted in August.

• Today's deal between Fubo and Disney settles that lawsuit, clearing the path for Venu to launch later this year.

Michael Barr said he will resign as the country's top bank regulator at the end of February.

The big picture: Barr has become the face of stricter rules for the banking industry since becoming vice chair for supervision at the Fed in 2022, and his agenda — specifically a (whittled down) proposal to raise capital requirements — has drawn significant pushback from lenders.

• Shares of Wall Street banks jumped on the news today, with Citigroup (+2.5%), Morgan Stanley (+2.1), Goldman Sachs (+0.6) and Bank of America (+1.4) all closing up.

Yes, but: Barr will remain on the Fed's seven-member board while relinquishing his leadership position, front-running a potential clash with President-elect Trump over whether he can be fired, Axios' Neil Irwin noted today.

🙅‍♂️ President-elect Trump emphatically denied a report that he might narrow the targets of new and increased tariffs when he takes office. The Washington Post turned heads early today when it reported that "Trump's aides are exploring tariff plans that would be applied to every country but only cover critical imports."

🥓 Pork producer Smithfield Foods filed for an IPO, as its Hong Kong-based parent company looks to focus on its Chinese operations. It's the first large U.S. company to file for an IPO in 2025. (Axios Pro)

🏗️ U.S. Steel and Nippon Steel accused rival Cleveland-Cliffs and the United Steelworkers union's president of illegally working together to block their merger. Cleveland-Cliffs called it "a desperate attempt to distract from their own failures." (Axios)

🥊 Dana White, the CEO of Ultimate Fighting Championship (UFC), is joining Meta's board of directors. (The Hollywood Reporter)

🤼 Netflix will begin streaming WWE's "Monday Night Raw" tonight. The deal, worth over $5 billion, covers at least 10 years of rights and could go another 10. (AP)

Restaurant chains are leaning into new value meals to kick off the new year, Axios' Kelly Tyko writes.

State of play: Subway announced the launch of the Meal of the Day menu today with a different special each day of the week.

• McDonald's is introducing its new value platform dubbed "McValue" in its U.S. restaurants starting tomorrow.
• Last week, Dunkin' unveiled a new winter menu and a $5 meal deal.

The big picture: The industry is continuing last year's big themes of value and affordability in 2025 to entice consumers to eat out.