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fuboTV to Begin Trading on NYSE Today, After Upsized IPO

Jason Gurwin

Just a month after filing their S-1 registration statement with the SEC, fuboTV will begin trading on the NYSE today, October 8th under the ticker “FUBO”. The company has increased their offering size from 15MM to 18.3MM shares at $10.00 per share price (originally $9-11 range).

This comes 6 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.

Over the past months, fuboTV has been shoring up their financials. Last month, company announced that they 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.

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).

At the end to the first quarter 2020, fuboTV had 286,126 subscribers with revenues of $44.2 million (up 53% from the prior year). Of the Live TV Streaming Services, however, they are significantly smaller than Hulu Live TV (3.4 million), Sling TV (2.3 million), and YouTube TV (2 million).

After the start of the NFL season, fuboTV raised end-of-year subscriber estimates 20% to 410-420K, up from 370-380K.

In August, 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.

fuboTV’s Standard Plan will starts 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).

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