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.

The launch of sports streamer Venu, "and potentially new packages from Fubo, appears to be an important strategic lever to cast a wider net and catch all potential subscribers," says one Disney analyst.