# FuboTV Inc. (FUBO)

Informational only - not investment advice.

CIK: 0001484769
SIC: 7812 Services-Motion Picture & Video Tape Production
SIC breadcrumb: [Services](/division/I/) > [Motion Pictures](/major-group/78/) > [SIC 7812 Services-Motion Picture & Video Tape Production](/industry/7812/)
Latest 10-K filed: 2025-03-03
SEC page: https://www.sec.gov/edgar/browse/?CIK=1484769
Filing source: https://www.sec.gov/Archives/edgar/data/1484769/000162828025009420/fubo-20241231.htm

## At a glance

FY2024 · period end 2024-12-31 · filed 2025-03-03 · accession 0001628280-25-009420 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001484769.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,622,796,000 USD | 2024 | verified |
| Net income | -172,254,000 USD | 2024 | verified |
| Assets | 1,077,428,000 USD | 2024 | verified |
| Free cash flow | -82,205,000 USD | 2024 | computed |
| Net margin | -10.61% | 2024 | computed |
| Operating margin | -12.08% | 2024 | computed |
| Revenue YoY | +18.61% | 2024 | computed |
| ROE | -95.28% | 2024 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2024 revenue ÷ FY2023 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | FUBO | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -10.6% | -9.0% | 38 | 9 |
| Operating margin | -12.1% | -5.3% | 29 | 8 |
| Revenue growth | 18.6% | 4.6% | 75 | 9 |
| FCF margin | -5.1% | -2.3% | 29 | 8 |
| ROA | -16.0% | -5.8% | 0 | 8 |
| Current ratio | 0.53 | 0.51 | 57 | 8 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 78 Motion Pictures, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1622796000 | USD | 2024 | 2025-03-03 |
| Net income | -172254000 | USD | 2024 | 2025-03-03 |
| Assets | 1077428000 | USD | 2024 | 2025-03-03 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-03-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001484769.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  |  | 4,271,000 | 217,746,000 | 638,370,000 | 1,008,696,000 | 1,368,225,000 | 1,622,796,000 |
| Net income |  |  | -7,577,000 | -10,066,000 | 10,474,000 | -10,610,000 | -34,360,000 | -570,333,000 | -382,837,000 | -561,477,000 | -287,454,000 | -172,254,000 |
| Operating income |  |  | -3,046,000 | -1,171,000 | -1,144,000 | -14,963,000 | -38,885,000 | -479,899,000 | -328,277,000 | -411,857,000 | -289,350,000 | -196,021,000 |
| Diluted EPS |  |  |  | -359.42 | 0.74 | -2.37 |  | -12.82 | -2.78 | -3.08 | -1.04 | -0.54 |
| Operating cash flow | -131,369 |  |  | -603,000 | -612,000 | -3,153,000 | 1,731,000 | -149,018,000 | -195,927,000 | -316,701,000 | -177,622,000 | -79,478,000 |
| Capital expenditures |  |  |  |  | 6,000 |  | 175,000 | 166,000 | 3,409,000 | 1,130,000 | 1,071,000 | 2,727,000 |
| Assets |  |  | 313,000 | 115,000 | 86,000 | 286,101,000 | 368,225,000 | 859,349,000 | 1,369,778,000 | 1,277,774,000 | 1,232,640,000 | 1,077,428,000 |
| Liabilities | 407,643 | 519,806 |  |  | 3,185,000 | 53,551,000 | 145,049,000 | 236,401,000 | 698,897,000 | 874,444,000 | 948,815,000 | 896,646,000 |
| Stockholders' equity |  | 29,000 | -5,372,000 | -14,255,000 |  | 232,550,000 | 222,714,000 | 622,948,000 | 670,881,000 | 401,682,000 | 283,825,000 | 180,782,000 |
| Cash and cash equivalents |  |  | 48,000 | 77,000 | 77,000 | 31,000 | 7,624,000 | 134,942,000 | 370,968,000 | 337,087,000 | 245,278,000 | 161,435,000 |
| Free cash flow |  |  |  |  | -618,000 |  | 1,556,000 | -149,184,000 | -199,336,000 | -317,831,000 | -178,693,000 | -82,205,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  |  |  |  | -59.97% | -55.66% | -21.01% | -10.61% |
| Operating margin |  |  |  |  |  |  |  |  | -51.42% | -40.83% | -21.15% | -12.08% |
| Return on equity |  |  |  |  |  | -4.56% | -15.43% | -91.55% | -57.06% | -139.78% | -101.28% | -95.28% |
| Return on assets |  |  |  |  |  | -3.71% | -9.33% | -66.37% | -27.95% | -43.94% | -23.32% | -15.99% |
| Liabilities / equity |  | 17.92 |  |  |  | 0.23 | 0.65 | 0.38 | 1.04 | 2.18 | 3.34 | 4.96 |
| Current ratio |  |  | 0.01 | 0.01 | 0.02 | 0.00 | 0.27 | 0.69 | 1.27 | 1.00 | 0.75 | 0.53 |

## As-reported value updates

7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/FUBO/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001484769.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2023-03-31 |  |  | -0.37 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.17 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 320,935,000 | -83,816,000 | -0.29 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 410,181,000 | -70,527,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 402,347,000 | -56,584,000 | -0.19 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 390,965,000 | -25,727,000 | -0.08 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 386,207,000 | -52,848,000 | -0.16 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 443,277,000 | -40,932,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 416,286,000 | 188,488,000 | 0.55 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 379,968,000 | -8,026,000 | -0.02 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 377,195,000 | -18,866,000 | -0.06 | reported discrete quarter |
| 2026-Q1 | 2025-12-31 | 1,548,688,000 | -19,064,000 | -0.02 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 | 1,573,867,000 | -6,206,000 | -0.07 | reported discrete quarter |
| 2026-Q3 | 2026-06-30 | 1,481,714,000 | -25,711,000 | -0.25 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from FUBO's latest 10-K: [/company/FUBO/business/](/company/FUBO/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from FUBO's latest 10-K: [/company/FUBO/risk-factors/](/company/FUBO/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1484769/000162828026053535/fubo-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis by our management of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the accompanying related notes included in this Quarterly Report, the audited combined financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations of Fubo and the Hulu Live Business included in the HL Business Closing 8-K. The historical financial results and information presented below reflect the Hulu Live Business prepared on a carve-out basis for periods prior to the consummation of the Business Combination. As a result, the historical results of the Hulu Live Business are not necessarily comparable to the results of the combined company following the Business Combination. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the sections titled “Forward-Looking Statements” and “Risk Factors” for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.

Overview

We are a consumer-first live TV streaming company with a mission to deliver premium sports, news and entertainment programming through a best-in-class user experience that offers greater choice, flexibility and value. In the United States, we offer consumers a broad array of programming focused on sports, news and entertainment through Fubo-branded and Hulu Live-branded services, both live and on-demand, including tens of thousands of live sporting events. Outside the United States, we operate live TV streaming services in Canada, France and Spain. Our content can be accessed through streaming devices including Smart TVs, mobile phones, tablets and computers.

Our business model is centered on operating and monetizing our sports-, news- and entertainment-focused live TV streaming offerings under multiple brands and distribution arrangements. Through our offerings, we seek to serve consumers across the demand curve, offering multiple plan options from “skinny” packages with a number of targeted channels to more robust packages at varying price points, designed to deliver greater choice and flexibility. We leverage sporting events and other popular news and entertainment programming to acquire subscribers at efficient acquisition costs, given built-in demand for such programming. For the Fubo-branded offerings (such services, the "Fubo Services"), we leverage our technology and data to drive higher engagement and induce retentive behaviors such as watching content, favoriting channels, recording shows, and increasing discovery through our proprietary machine learning recommendations engine.

We drive our business model with three core strategies, coupled with disciplined capital management:

•Grow our paid subscriber base across our offerings

•Optimize our content portfolio, product features, engagement and retention to improve unit economics and expand subscriber lifetime value

•Drive monetization through subscription pricing, Attachment sales and advertising, and, with respect to our Hulu Live Business, through our wholesale fee arrangement under a commercial services agreement (the "Commercial Agreement") with Hulu, pursuant to which, during the term of such agreement, Hulu pays us fees initially equal to 95% of the Hulu Live Business’s carriage fee expenses in calendar years 2025 and 2026, escalating to 97.5% in calendar year 2027 and 99% in calendar year 2028 and thereafter.

Nature of Business

We are principally focused on offering consumers live TV streaming services for sports, news, and entertainment programming. Our revenues are almost entirely derived from the sale of subscription services for the Fubo Services, a wholesale fee arrangement under the Commercial Agreement with Hulu relating to the Hulu Live Service (as defined below), and the sale of advertisements in the United States on the Fubo Services and Hulu Live Service. We also have operations in several international markets, including Canada, France and Spain.

34

Table of Contents

Business Combination

On October 29, 2025 (the “Closing Date”), we completed the transactions contemplated by the Business Combination Agreement, dated as of January 6, 2025 (the “Business Combination Agreement”), by and among the Company, Disney and Hulu, pursuant to which the parties combined the existing Fubo business with the Hulu Live Business (as defined below) (such transactions, collectively, the "Business Combination").

Pursuant to the Business Combination Agreement, on the Closing Date, (i) Hulu (x) contributed certain assets (the “HL Business Assets”) related to the business of negotiating and administering carriage agreements and similar contracts relating to and for the purpose of the retransmission, distribution, carriage, display or broadcast of any programming service, channel or network on the Hulu Live Service (as defined below) (the “Hulu Live Business”) to Hulu Live LLC (“Hulu Live”), (y) caused Hulu Live to assume only the HL Business Liabilities (as defined in the Business Combination Agreement) and (z) contributed the Hulu Live Business and the HL Business Assets to a newly formed entity, Fubo Operations LLC (“Newco”), by transferring all of its right, title and interest in, to and under 100% of the equity interests of Hulu Live to Newco, (ii) the Company underwent an umbrella partnership C corporation (“up-C”) reorganization and contributed 100% of the equity interests in a newly formed, wholly-owned subsidiary, Fubo Services LLC, to which the Company had previously contributed the Company’s business prior to the Closing Date, to Newco in exchange for units in Newco (“Newco Units”), resulting in Hulu holding a number of Newco Units representing, in the aggregate, a 70% economic interest (calculated on a fully-diluted basis) in Newco and the Company holding a number of Newco Units representing, in the aggregate, a 30% economic interest (calculated on a fully-diluted basis) in Newco, and (iii) the Company issued to Hulu shares of the Company’s Class B Common Stock representing, in the aggregate, a 70% voting interest in the Company (calculated on a fully-diluted basis). The HL Business Assets include certain carriage agreements, rights under joint subscription agreements and related data and information about its subscribers, advertising or sponsorship agreements exclusively related to Hulu’s linear multi-channel subscription video programming distribution service component of the offering known as “Hulu + Live TV” (such service, the “Hulu Live Service”), all other assets (including intellectual property) exclusively related to the Hulu Live Service and all intellectual property constituting the “Live TV” brand.

On the Closing Date, the Company and Hulu, as the members of Newco, adopted an amended and restated limited liability company agreement of Newco, pursuant to which Fubo became the sole managing member of Newco. In addition, we entered into certain commercial agreements with Hulu, including a brand licensing agreement and the Commercial Agreement, pursuant to which, among other things:

•we granted to Hulu the right, license and obligation to distribute the Hulu Live Service via the Hulu platform on a wholesale basis, pursuant to which, during the term of the Commercial Agreement, Hulu pays us fees initially equal to 95% of the Hulu Live Business’s carriage fee expenses in calendar year 2025 and 2026, escalating to 97.5% in calendar year 2027 and 99% in calendar year 2028 and thereafter;

•we agreed to bear the cost of marketing expenses for the Hulu Live Service in accordance with an agreed budget, and Hulu is responsible for all marketing execution for the Hulu Live Service in consultation with us;

•Hulu or its affiliates continue to own and operate the Hulu and Disney platforms on which the Hulu Live Service is distributed and will exclusively sell and administer subscriptions to the Hulu Live Service, as well as each add-on thereto, and retain subscription revenue;

•certain affiliates of Disney agreed to sell ads on behalf of us for the Fubo Services and the Hulu Live Service in exchange for a 15% ad agency fee; and

•Hulu agreed to license the Hulu Live Service-specific brands to us for use in the Hulu Live Business.

The Commercial Agreement provides for an initial term of five years, renewable for an additional five-year term by mutual agreement.

35

Table of Contents

Basis of Presentation — Business Combination

The Company has accounted for the acquisition consummated pursuant to the Business Combination Agreement as a reverse acquisition of the Company using the acquisition method of accounting in accordance with GAAP, with the Hulu Live Business treated as the accounting acquirer of the Company. Accordingly, commencing with the Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, filed with the SEC on February 5, 2026, the historical combined carve-out financial statements of the Hulu Live Business are presented as the historical financial statements of the Company. Prior to the Business Combination, the Hulu Live Business operated as part of Hulu, which is controlled and consolidated by Disney, and, therefore, its historical financial statements were prepared on a carve-out basis from Disney and Hulu, including allocations of certain corporate costs, shared services, and assets and liabilities that were not historically operated or financed on a standalone basis.

As a result, the financial results and information included herein for the nine month periods ended June 30, 2026 reflects (x) the results of the Hulu Live Business prepared on a carve-out basis for the period from September 28, 2025 through October 28, 2025, and excludes Fubo’s results for this period, and (y) the results of combined Fubo and Hulu Live businesses for the period from October 29, 2025 through June 30, 2026. The financial results and information for all historical periods presented herein reflect the results of the Hulu Live Business prepared on a carve-out basis and excludes the results of the historical Fubo business. Therefore, the historical results of the Hulu Live Business are not necessarily comparable to the results of the Company following the Business Combination.

Reverse Stock Split

On March 23, 2026, the Company amended its Certificate of Incorporation in order to effect a 1-for-12 reverse stock split of its Class A Common Stock and Class B Common Stock outstanding (the "Reverse Stock Split"). The Company’s Class A Common Stock began trading on a split-adjusted basis on the New York Stock Exchange at market open on March 24, 2026 under the existing trading symbol "FUBO". As a result of the Reverse Stock Split, every 12 shares of the Company’s Class A Common Stock and Class B Common Stock issued and outstanding were automatically reclassified into one new share of Class A Common Stock or Class B Common Stock, respectively, subject to the treatment of fractional shares as described below, without any action on the part of the holders. The Reverse Stock Split did not affect the number of authorized shares or the par value of the Company's capital stock. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders of the Company's Class A Common Stock who would otherwise have been entitle

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1484769/000162828025009420/fubo-20241231.htm
Complete FY 2024 MD&A: /company/FUBO/mda/fy2024/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2025-03-03
Report date: 2024-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis by our management of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the sections titled “Forward-Looking Statements” and “Risk Factors” for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.

This section generally discusses fiscal years 2024 and 2023 and year-to-year comparisons between those years. Discussions of fiscal year 2022 and year-to-year comparisons between fiscal years 2023 and 2022 that are not included in this Form 10-K can be found in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on March 4, 2024.

Overview

We are a sports-first, cable TV replacement product, offering subscribers access to tens of thousands of live sporting events annually, as well as leading news and entertainment content, both live and on demand. Fubo allows customers to access content through streaming devices and on Smart TVs, mobile phones, tablets, and computers.

Our business motto is “come for the sports, stay for the entertainment.”

First, we leverage sporting events to acquire subscribers at efficient acquisition costs, given the built-in demand for sports. We then leverage our technology and data to drive higher engagement and induce retentive behaviors such as watching content, favoriting channels, recording shows, and increasing discovery through our proprietary machine learning recommendations engine. We monetize our growing base of highly engaged subscribers by driving higher average revenue per user.

We drive our business model with three core strategies:

•Grow our paid subscriber base

•Optimize our content portfolio, engagement and retention

•Increase monetization through subscription and advertising.

Nature of Business

We are a leading live TV streaming platform for sports, news, and entertainment. Our revenues are almost entirely derived from the sale of subscription services and the sale of advertisements in the United States, though we have expanded into several international markets, with operations in Canada, Spain and France.

Our subscription-based services are offered to consumers who can sign-up for accounts at https://fubo.tv, through which we provide basic plans with the flexibility for consumers to purchase the add-ons and features best suited for them. Besides the website, consumers can also sign-up via some TV-connected devices. Our platform provides, what we believe to be, a superior viewer experience, with a broad suite of unique features and personalization capabilities such as multi-channel viewing capabilities, favorites lists and a dynamic recommendation engine as well as 4K streaming and Cloud DVR offerings.

On October 17, 2022, we ceased operation of our business-to-consumer online mobile sportsbook ("Fubo Sportsbook") in connection with the dissolution of our wholly-owned subsidiary, Fubo Gaming, Inc. ("Fubo Gaming"). The results of operations of Fubo Sportsbook are presented as discontinued operations in the accompanying consolidated financial statements.

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Table of Contents

Recent Developments - Business Combination

On January 6, 2025, the Company announced it had entered into a business combination agreement (the “Business Combination Agreement”) by and among the Company, The Walt Disney Company (“Disney”) and Hulu, LLC (“Hulu”), which contemplates, among other things, (i) Hulu contributing certain assets (the “HL Business Assets”) related to the business of negotiating and administering carriage agreements and similar contracts relating to and for the purpose of the retransmission, distribution, carriage, display or broadcast of any programming service, channel or network on the HL DMVPD Service (as defined below) to a newly formed entity to be jointly owned by Hulu and the Company (“Newco”), (ii) the Company undergoing an umbrella partnership C corporation reorganization (the “Up-C Reorganization”) and contributing its business to Newco in exchange for units in Newco (“Newco Units”) such that, after giving effect to such contribution, Hulu will hold a number of Newco Units representing, in the aggregate, a 70% economic interest in Newco and the Company will hold a number of Newco Units representing, in the aggregate, a 30% economic interest in Newco, and (iii) the Company issuing to Hulu shares of a newly created vote-only class of the Company’s common stock (“Class B Common Stock”) representing, in the aggregate, a 70% voting interest in the Company (calculated on a fully-diluted basis) (the transactions contemplated by the Business Combination Agreement, collectively, the “Business Combination”). The HL Business Assets will include certain carriage agreements, rights under joint subscription agreements and related data and information about its subscribers, advertising or sponsorship agreements exclusively related to Hulu’s linear multi-channel subscription video programming distribution service component of the offering known as “Hulu + Live TV” as of the date of the Business Combination Agreement and operated by Hulu (such service, the “HL DMVPD Service”), all other assets (including intellectual property) exclusively related to the HL DMVPD Service and all intellectual property constituting the “Live TV” brand.

Upon the closing of the Business Combination (the “Closing”), our Board of Directors will initially be comprised of nine members, who will be designated as follows: (i) five designated by Hulu, (ii) two designated by the members of our Board as of immediately prior to the Closing and who (x) are reasonably acceptable to Hulu and (y) qualify as independent, (iii) one designated by Hulu and who qualifies as independent and (iv) our CEO. Following the Closing, the Company will be a “controlled company” for purposes of NYSE listing rules and will elect to be exempt from certain corporate governance requirements available to “controlled companies”. Completion of the Business Combination is subject to certain closing conditions specified in the Business Combination Agreement, including (i) the approval of the Business Combination Agreement, the Fubo Issuance and the Fubo Conversion, each as defined in the Business Combination Agreement, (including a plan of conversion and a certificate of incorporation of Fubo) by the Company’s shareholders, (ii) the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the clearance or obtainment of applicable consents of any specified governmental entity required to be obtained with respect to the Business Combination under the Business Combination Agreement; (iii) no enactment, issuance, promulgation or grant of any law or order, as applicable, by any governmental entity that is in effect and that has the effect of making the Business Combination illegal or prohibiting or otherwise preventing the consummation of the Business Combination, (iv) completion of the Hulu Reorganization and the Fubo Reorganization, each as defined in the Business Combination Agreement, in each case, in accordance with the Business Combination Agreement and the documents contemplated therein, (v) the acceptance of the Delaware Certificate of Conversion and Certificate of Incorporation of Fubo by the Secretary of State of the State of Delaware and the acceptance of the Florida Articles of Conversion by the Florida Department of State, (vi) the accuracy of the other party’s representations and warranties as of the date of the Business Combination Agreement, subject to certain customary materiality standards set forth in the Business Combination Agreement and the delivery by each party to the other party of a certificate certifying the same, (vii) compliance by each party, in all material respects, with its applicable pre-Closing obligations under the Business Combination Agreement, and (viii) delivery by each party to the other party of certain other closing deliverables, including, but not limited to, the ancillary agreements to which it is a party.

Segments

In connection with the dissolution of Fubo Gaming and the termination of Fubo Sportsbook, assets and liabilities and the operations of our former wagering reportable segment have been reported in discontinued operations for all periods presented. With respect to our continuing operations, we operate as a single reportable segment.

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Key Factors and Trends Impacting Performance

Our financial condition and results of operations have been, and may in the future be, affected by a number of factors and trends, such as those described in Part I, Item 1A, “Risk Factors” and the following:

Brand Awareness

Building and maintaining a strong brand is important to our ability to attract and retain subscribers, as potential subscribers have a number of pay TV choices. We and our competitors attract new subscribers from each other’s existing subscriber bases as well as from first-time purchasers of Pay TV services. We continue to experience increased competition, including from larger companies with greater resources to promote their brands through traditional forms of advertising, such as print media and TV commercials, as well as Internet advertising and website product placement. We primarily rely on paid marketing channels (such as social media, search advertising, display advertising, radio, out of home and television) to grow our brand and reach new subscribers. If these channels become less efficient our growth could be adversely affected.

Subscriber Acquisition, Retention and Engagement

Our long-term growth will depend in part on our ability to grow and retain our subscriber base, as well as increased engagement by our subscribers. The relative service levels, content offerings, pricing and user experience of our platform will impact our ability to attract and retain subscribers versus our competitors. Any perceived decline in platform value, whether through new features, pricing adjustments, or content changes, could hurt our ability to attract and retain customers. Aggressive promotions by competitors could further impact our value proposition.

Acceleration or Deceleration of Cord-Cutting

In recent years, we and other streaming services experienced rapid growth in adoption as consumers engage with streaming video and audio through a variety of devices, including connected TVs, mobile phones, and tablets. Although traditional Pay TV still accounts for a meaningful share of TV viewing hours for U.S. households, the proportion has declined in recent years as customers cut the cord. While we believe consumers are increasingly favoring the streaming services based on, among other factors, customer experience and pricing considerations, these positive trends for our business may not continue during future periods.

Shift of Advertising Dollar Spend from Traditional Pay TV to Connected TV

Our business model depends on our ability to grow ad inventory on our platform and sell it

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2024 MD&A: /company/FUBO/mda/fy2024/
All MD&A years: /company/FUBO/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2023 MD&A](/company/FUBO/mda/fy2023/): filed 2024-03-05; accession 0001628280-24-008632 (https://www.sec.gov/Archives/edgar/data/1484769/000162828024008632/fubo-20231231.htm)
- [FY 2022 MD&A](/company/FUBO/mda/fy2022/): filed 2023-02-27; accession 0001628280-23-005135 (https://www.sec.gov/Archives/edgar/data/1484769/000162828023005135/fubo-20221231.htm)
- [FY 2021 MD&A](/company/FUBO/mda/fy2021/): filed 2022-03-01; accession 0001493152-22-005658 (https://www.sec.gov/Archives/edgar/data/1484769/000149315222005658/form10-k.htm)
- [FY 2020 MD&A](/company/FUBO/mda/fy2020/): filed 2021-03-25; accession 0001493152-21-006813 (https://www.sec.gov/Archives/edgar/data/1484769/000149315221006813/form10-k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7812 Services-Motion Picture & Video Tape Production) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/FUBO.md · JSON record: /company/FUBO.json · verified financials: /company/FUBO/financials.json / /company/FUBO/financials.csv · machine TOC for the whole site: /llms.txt