fuboTV Gets $20M in Funding from Credit Suisse
fuboTV has spent the last few months shoring up their financials. The company announced that they have now raised $20 million in financing from Credit Suisse Capital at a $9.25 share price (~$320 million market cap).
In 2020, fuboTV says they have strengthened its balance sheet with over $46 million in funding from institutional and private investors. According to the federal government, the company also received a $2-5 million PPP Loan to support on-going operations.
This comes just months after fuboTV as announced a merger with FaceBank Group, Inc., a celebrity and sports focused virtual entertainment company. FaceBank, an OTC traded stock, with a ~$230 million market cap, was renamed fuboTV, Inc. after the merger.
At the time of the merger, the company said that they had planned to uplist the stock on a major exchange.
The company last raised $75 million in investment in April 2018. The round included AMC Networks, which is joined by existing investors 21st Century Fox, Luminari Capital, Northzone, Sky and Discovery, Inc. (through Scripps Networks Interactive).
Last week, fuboTV has increased the price of their plans by $5 a month, just days after announcing the addition of Disney-owned networks. At the same time, the Live TV Streaming Service will be dropping WarnerMedia-owned networks like CNN, TNT, TBS, and Cartoon Network.
Starting on August 1st, fuboTV announced that their Standard Plan will start at $59.99 a month (was $54.99) while their Family Bundle, which includes three simultaneous streams and 500 Hour DVR will now cost $64.99 (was $59.99).